Use this template to create a Gross Overriding Royalty Agreement for the Province of Alberta, under which the Grantee receives a gross overriding percentage royalty on its interest in petroleum substances on the lands in question. Key provisions include:

• Royalties are free and clear of any costs involved in exploration, drilling, operation, production, transportation, etc.
  
• The Grantor, acting as agent for the Grantee, will sell the petroleum substances on the same terms and conditions as its own share so that the Grantee is entitled to any market available.
  
• If royalties are paid to the Grantor by a purchaser, those funds are held in trust by the Grantor until they are paid to the Grantee.
  
• The Grantee has the right, upon proper notice, to elect to takes its royalty share of production in kind.
  
• The Grantee has the right to a lien over the Grantors share of the petroleum substances to secure payment of royalties.

This is a Canadian oil and gas document in MS Word format.