Arkansas Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)
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FAQ
Participating Royalty Interest (NPRI) is an interest in oil and gas production which is created from the mineral estate. Like the plain ?royalty interest? it is expensefree, bearing no operational costs of production.
The rule followed is generally known as the Strohacker Doctrine, named for the case of Missouri Pacific Railroad Co. v. Strohacker,s in which the Arkansas Supreme Court affirmed a chan- cery court decision that reservations of "coal and mineral deposits" in 1892 and 1893 deeds did not reserve the oil and gas.
In the oil and gas sectors, companies provide royalties to landowners for permission to extract natural resources from the landowners' covered property. Royalty agreements should benefit both the licensor (the person receiving the royalty) and the licensee (the person paying the royalty).
A common industry standard for primary term is three to five years, although depending on circumstances, terms of less than three years are not uncommon. This window of time is intended to allow a Lessee to explore for mineral resources before the leased mineral rights transfer back to the mineral owner.
Calculating Overriding Royalty Interest An ORRI is a straight percentage. For example, a 2% override would appear on the royalty statement as 0.02 interest in the proceeds from the sale of the leased hydrocarbons.
An attorney can create a deed or assignment that conveys the mineral rights to the new owners. The original deed will need to be recorded in the county where the minerals are located. If there are producing wells on the property, each operator will need to be notified of the change in ownership.
