Annual rentals still apply to leases issued prior to January 1, 1998. The amount of rental owed varies from lease to lease. Minimum royalty is the amount of oil, gas, and shut-in royalties sufficient to maintain the UT lease in force and effect. Lessees are responsible for paying, or causing to be paid, the difference between the rental stated in the lease and total amount of royalties received by ULAO in the immediately preceding lease year. No additional amount is due if royalties equal or exceed the rental amount.
Late payments are subject to penalty.
Payment of shut-in royalty after the expiration or other termination of the UT lease will not revive or extend the UT lease. Georgia Pruitt Return to Top of Page Transfers of Ownership Assignments Rights acquired in a UT lease may be assigned. A stipulation of interest affidavit may be filed in place of an assignment when it is impossible to locate parties or obtain an assignment. Recordation requirements, filing and late filing fees are the same as for assignments. Mergers Use the assignment summary to report a change in ownership or change in the name of the lessee as a result of a merger.