Keywords: Indiana Assignment of Overriding Royalty Interest Limited As to Depth, oil and gas production, overriding royalty interest, limited depth, mineral rights, lease assignment. Description: The Indiana Assignment of Overriding Royalty Interest Limited As to Depth refers to a legal document that grants a partial ownership interest in oil and gas production to an individual or entity. This assignment specifically pertains to the limited depth of the underlying mineral rights, wherein the assignee's ownership rights are restricted to a specific stratum or depth of the earth's crust. An overriding royalty interest, also known as an ORRIS, allows the assignee to receive a portion of the gross revenue from oil and gas production. This type of interest is different from a royalty interest associated with mineral rights ownership, as it is not tied to the same property or land. Instead, the assignee receives a percentage of the revenue generated from a specific depth within the leased area. The Indiana Assignment of Overriding Royalty Interest Limited As to Depth can arise from various circumstances, such as lease agreements, inheritance, or corporate transactions. It serves as a legal mechanism for the assignor to transfer a limited depth interest to another party, granting them the right to receive a portion of the production revenues from a particular stratum in the leased area. Different types of Indiana Assignments of Overriding Royalty Interest Limited As to Depth may exist, depending on the specific terms outlined in the document. For example, an assignment might limit the assignee's interest to a particular formation or geological unit within the leased area. Alternatively, it could restrict the assignee's depth interest to a specific depth interval, allowing them to partake in the production only from within that range. The assignment process typically involves the negotiation and execution of a legally binding agreement between the assignor, who owns the overriding royalty interest, and the assignee, who seeks to acquire a limited depth interest in the designated oil and gas lease. This transfer of rights is commonly facilitated by legal professionals or title agencies knowledgeable in oil and gas transactions. Overall, the Indiana Assignment of Overriding Royalty Interest Limited As to Depth signifies an important aspect of the oil and gas industry in Indiana. It allows for the efficient transfer of limited-depth ownership rights, facilitating the exploration, production, and distribution of oil and gas resources while providing an opportunity for individuals and entities to participate in revenue generation from specific depths within the leased area.
Indiana Assignment of Overriding Royalty Interest Limited As to Depth
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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.
Overriding Royalty Interest Conveyance means an assignment, in form and substance acceptable to Lender, pursuant to which Borrower grants in favor of Lender an overriding royalty interest equal to six and one-fourth percent (6.25%) of Hydrocarbons produced, saved and sold or used off the premises of the relevant Lease, ...
Overriding Royalty Interest: A given interest severed out of the record title interest or lessee's share of the oil, and not charged with any of the cost or expense of developing or operation. The interest provides no control over the operations of the lease, only revenue from lease production.
ORRIs are created out of the working interest in a property and do not affect mineral owners. An overriding royalty interest (ORRI) is often kept or assigned to a geologist, landman, brokerage, or any entity that was able to reserve an interest in the properties.
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 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.
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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
