Heritage Overview
Wholly owned by the Ontario Teachers’ Pension Plan, Calgary-based Heritage Royalty actively leases mineral lands to all types of private and public companies, from start-ups, through juniors and intermediates, to international super-majors. We are not directly involved in any oil and gas exploration or production.
Heritage owns mineral title, royalty interests, and select non-operated working interests in ~4 million acres across Western Canada and the United States.
Interest Types
Royalty Interest
The property interest created through an oil and gas lease.
Mineral Interest
Ownership of mineral rights. Heritage holds ~3mm acres of fee title in perpetuity.
Non-Operated Working Interest
Non-operated interest under an oil and gas lease. For example, Heritage manages Finch Energy, which has a non-operated working interest in the Weyburn Unit.
Non-Participating Royalty Interest
Burden on royalty interest. Entitlement to payment once production is established but cannot share in the bonus or rental and does not create the right to execute leases or develop.
Overriding Royalty Interest
Burden on working interest. A fractional interest in gross production of oil and gas carved out of the Lessee’s working interest share and which is free and clear of all deductions.
Interest Type by Entity
| Royalty Interest | Mineral Interest | Working Interest | Non-Participating Royalty Interest | Overriding Royalty Interest | |
| Heritage Resource Royalty Corp. | ✓ | ✓ | ✓ | ||
| Finch Energy One Corp. | ✓ | ✓ | |||
| HRG Royalty II LLC | ✓ | ||||
| HRG Royalty LLC | ✓ | ✓ | ✓ | ✓ |
Non-government mineral rights are more common in the United States, but form a small proportion of mineral ownership in Canada. In Western Canada, ~80% of mineral rights are owned by the provincial government and ~20% are owned privately. Private mineral owners, such as Heritage, often hold 100% mineral rights in perpetuity and negotiate with Lessees directly.