A Kansas Assignment of Overriding Royalty Interest — Short Form is a legally binding document that allows for the transfer of ownership of an overriding royalty interest in an oil or gas lease located in the state of Kansas. This form is specifically designed to be used in Kansas and complies with the state's statutory requirements. Keywords: Kansas, Assignment of Overriding Royalty Interest, Short Form, oil, gas, lease, transfer, ownership, statutory requirements, royalties. Types of Kansas Assignment of Overriding Royalty Interest — Short Form: 1. Kansas Assignment of Overriding Royalty Interest — Short Form for Oil Lease: This type of assignment is used specifically for the transfer of overriding royalty interests in oil leases located in Kansas. It outlines the details of the assignment, including the parties involved, the legal description of the leased property, and the terms and conditions of the transfer. 2. Kansas Assignment of Overriding Royalty Interest — Short Form for Gas Lease: Similar to the oil lease assignment, this type of short form applies to the transfer of overriding royalty interests in gas leases in Kansas. It encompasses the same essential elements, such as the identification of the parties, the property description, and the terms governing the assignment. 3. Kansas Assignment of Overriding Royalty Interest — Short Form for Combined Oil and Gas Lease: In cases where the lease covers both oil and gas interests, this type of assignment provides a comprehensive solution. It allows for the transfer of overriding royalty interests in combined oil and gas leases located in Kansas. The form includes all necessary provisions and considerations for such transfers, ensuring compliance with the state's legal requirements. It is important to note that while these are common types of Kansas Assignment of Overriding Royalty Interest — Short Form, there may be variations or customized forms depending on specific circumstances or contractual agreements. Additionally, it is advisable to consult with an attorney or legal professional when drafting or executing any assignment of overriding royalty interests to ensure adherence to applicable laws and regulations.
Kansas Assignment of Overriding Royalty Interest - Short Form
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An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.
Overriding Royalty Interest (ORRI) A royalty in excess of the royalty provided in the Oil & Gas Lease. Usually, an override is added during an intervening assignment. ORRIs are created out of the working interest in a property and do not affect mineral owners.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750. What is Overriding Royalty Interest and How to Value it? pheasantenergy.com ? overriding-royalty-in... pheasantenergy.com ? overriding-royalty-in...
An overriding royalty interest (ORRI) is an interest carved out of a working interest. Overriding Royalty Interest (ORRI) (US) | Practical Law - Westlaw westlaw.com ? document ? Overridin... westlaw.com ? document ? Overridin...
If at any time Assignee desires to transfer or dispose of all or any portion of the Overriding Royalty Interest, Assignee must first give to Assignor written notice thereof stating: (a) the amount of the Overriding Royalty Interest offered by Assignee; (b) the form of consideration (which shall be either cash or a ... Form of Conveyance of Overriding Royalty Interest - SEC.gov sec.gov ? Archives ? edgar ? data ? dex43 sec.gov ? Archives ? edgar ? data ? dex43
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. Transferring Oil and Gas Lease Interests Bureau of Land Management (.gov) ? Assignments Handout_6 Bureau of Land Management (.gov) ? Assignments Handout_6 PDF
Typically, NPRIs are created by an express grant or reservation in a deed and are entirely different from a ?leasehold? royalty. The holder of a NPRI has no power to negotiate or execute an oil and gas lease and has no power to enter upon the land to extract the hydrocarbons.
