Illinois Notice of Payout, Election to Convert Interest to Party With Right to Convert An Overriding Royalty Interest to A Working Interest
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How to fill out Notice Of Payout, Election To Convert Interest To Party With Right To Convert An Overriding Royalty Interest To A Working Interest?
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FAQ
An overriding royalty interest (ORRI) is an interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.
An overriding royalty agreement is a contract that gives an entity the right to receive revenue from certain productions or sales. The specific type of occurence that royalties are required to be paid on is included in the overriding royalty agreement.
Overriding Royalty Interest Conveyance means an assignment, in the form attached hereto as Exhibit F, pursuant to which Subsidiary Borrower grants to Lender a cost-free overriding royalty interest equal to a percentage determined pursuant to Section 8.5 of the Hydrocarbons and other minerals attributable to Subsidiary ...
You may convey overriding royalty interest on either an Assignment of Record Title Interest (Form 3000-3), a Transfer of Operating Rights (Form 3000-3a), or on a private assignment. We only require filing of one signed copy per assignment plus a nonrefundable filing fee found at 43 CFR 3000.12.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
