Colorado Ratification of Pooled Unit Designation by Overriding Royalty Or Royalty Interest Owner
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How to fill out Ratification Of Pooled Unit Designation By Overriding Royalty Or Royalty Interest Owner?
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FAQ
How Do Overriding Royalty Interest Payments Work? The value of an overriding royalty interest is simple to calculate since it is a percent of the working interest lease. The ORRI value is based on production on the acreage leased by the working interest.
If there is more than one mineral owner, multiply the net revenue by the fractional interest of each owner to determine their respective royalty interest.
An overriding royalty interest (ORRI) is an undivided interest in a mineral lease giving the holder the right to a proportional share (receive revenue) of the sale of oil and gas produced. The ORRI is carved out of the working interest or lease.
Net royalty acres are used to price mineral or royalty interest from the owner's percentage of the land. It is calculated by multiplying the owner's interest in a tract by the number of acres in the tract of land.
To calculate the number of net royalty acres I'm selling, I use this formula: [acres in tract] X [% of minerals owned] X 8 X [royalty interest reserved in lease] X [fraction of royalty interest being sold]. 640 acres X 25% X 8 X 1/4 X 1/2 = 160 net royalty acres.
Colorado adopted its ?pooling law? over fifty years ago in order to ensure each mineral interest owner pays his/her proportionate share of the costs of oil and gas development and receives a proportionate share of the revenues once production is established.
Overriding royalty interest: Unlike mineral and royalty interests, an overriding royalty interest runs with a lease and not with the land. Therefore, they only remain in effect for as long as a lease is in effect and they expire when a lease expires.
The units of measure that we use to determine just how much right to the minerals you own in a tract of land is the Net Mineral Acre (or NMA) or the Net Royalty Acre (or NRA). This is different than the ?gross acreage? which refers to the total amount of acreage in a tract of land (basically the surface footprint).
