Many readers of this column experience the tremendous religious freedom that we have in America. In addition to worshiping where and how we like, many also enjoy exemptions from civic duties such as mandatory school attendance after 8th grade, jury service, worker’s compensation and other government requirements. Although we all do have to pay taxes!
The questions deals with the land-owner’s royalty interest in production from an oil and gas lease. Historically, this interest was 1/8 (12.5%) of the net production from a well or wells leased by the landowner. Note that the royalty is a net amount. This allows the producer to subtract production costs from the gross or total production before dividing the proceeds with the landowner.
Most of our families have family doctors, dentists, chiropractors and other professionals. But why should a family have a lawyer? Most of us want to avoid lawyers and only hire one if absolutely needed.