Runsheet
A condensed title summary used in mineral title work that traces ownership chronologically and calculates current ownership interests.
Detailed Definition
A runsheet is a condensed title summary commonly used in oil, gas, and mineral title work that traces the ownership of mineral interests chronologically and calculates current ownership percentages. It is a working tool used by landmen and title examiners to track how ownership has changed over time.
Contents of a runsheet: - Chronological listing of all conveyances affecting mineral ownership - Each entry shows: date, instrument type, grantor, grantee, and interest conveyed - Running calculation of ownership percentages after each transaction - Current ownership summary with decimal interests for all owners - Notes on any title defects or curative requirements
How a runsheet works: Starting with the original patent (1.0 or 100% interest), each subsequent conveyance (deed, reservation, inheritance, etc.) is recorded and its effect on ownership calculated: 1. Patent from government to A: A = 1.0 (100%) 2. A conveys 1/2 mineral interest to B: A = 0.5, B = 0.5 3. A dies, heirs C and D inherit equally: C = 0.25, D = 0.25, B = 0.5 4. B conveys to E: C = 0.25, D = 0.25, E = 0.5
Distinction from abstract of title: - An abstract is a detailed summary of each recorded document - A runsheet is a calculation tool tracking ownership through conveyances - A runsheet is more focused on computing current ownership interests - An abstract contains more detail about each document
Applications: - Determining current mineral ownership for leasing - Calculating royalty and working interest shares - Preparing division orders for production distribution - Supporting title opinions - Acquisition due diligence for mineral properties
Related Terms
Mineral Title
The legal ownership rights to minerals beneath the surface of a property, which can be separate from surface ownership.
Chain of Title
The chronological sequence of historical transfers of title to a property, establishing how ownership passed from one party to another.
Fractional Interest
A partial ownership share in mineral rights, expressed as a fraction of the whole (e.g., 1/4 or 0.25).
Abstract of Title
A condensed chronological summary of all recorded documents affecting title to a parcel of land.