A Kansas Assignment of Partial Interest in Oil and Gas Lease Reserving an Overriding Royalty Interest is a legal document that allows an owner of a lease in an oil and gas property to assign or transfer a portion of their interest to another party while retaining an overriding royalty interest. This type of assignment is commonly used in the oil and gas industry as a way for owners to monetize their assets and share the risk and benefits of exploration and production activities. Keywords: Kansas Assignment of Partial Interest, Oil and Gas Lease, Overriding Royalty Interest, Legal document, owner, lease, transfer, assign, oil and gas property, industry, monetize, assets, risk, benefits, exploration, production activities. Types of Kansas Assignment of Partial Interest in Oil and Gas Lease Reserving an Overriding Royalty Interest may include: 1. Outright Assignment: In this type of assignment, an owner transfers a specific percentage or fraction of their interest in the oil and gas lease to another party while reserving an overriding royalty interest. The assigning party no longer holds any rights or obligations related to the assigned portion, but they continue to receive a percentage of the proceeds from production activities. 2. Assignment with a Carried Interest: This type of assignment involves the assigning party transferring a partial interest in the lease while retaining a fractional overriding royalty interest and receiving an additional carried interest. The carried interest allows the assigning party to benefit from the assigned portion's profits without bearing any exploration or operational costs. The party who receives the assignment assumes the financial responsibility for the assigned portion. 3. Joint Venture Assignment: In a joint venture assignment, two or more owners of an oil and gas lease agree to combine their interests and assign a portion of the consolidated interest to another party. The assigning parties reserve an overriding royalty interest and share the benefits and risks of exploration and production activities with the assignee. 4. Farm-Out Assignment: In a farm-out assignment, the assigning party transfers their interest in the oil and gas lease to another party, often called the farmer. However, the assigning party retains an overriding royalty interest. In return for the assignment, the farmer agrees to perform certain exploration or development activities, such as drilling new wells or conducting seismic surveys. In conclusion, a Kansas Assignment of Partial Interest in Oil and Gas Lease Reserving an Overriding Royalty Interest is a legal document that allows owners of oil and gas leases to transfer a portion of their interest while retaining a royalty interest. Different types of assignments include outright assignments, assignments with carried interests, joint venture assignments, and farm-out assignments, each with its own specific terms and conditions.
Kansas Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest
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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, ...
A gross overriding royalty entitles the owner to a share of the market price of the mined product as at the time they are available to be taken less any costs incurred by the operator to bring the product to the point of sale.
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.
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
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 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.
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.
