A Kansas Assignment of Overriding Royalty Interest for a Term of Years is a legal contract that involves the transfer of a portion of the royalty interest from an oil or gas lease to another party for a specified period. This document is commonly used in the energy industry in Kansas, and it outlines the terms and conditions under which the assigning party relinquishes their right to receive a portion of the royalties generated from the production of oil or gas on a particular property. Keywords: 1. Kansas: This refers to the jurisdiction where the assignment of overriding royalty interest is taking place. Different states may have specific laws and regulations governing these assignments. 2. Assignment: The assignment is the act of transferring the overriding royalty interest from one party to another. It typically involves a written agreement to effectuate the transfer. 3. Overriding Royalty Interest: This refers to the right to receive a specified percentage of the gross production or revenue from an oil or gas lease, regardless of the working interest. It is often an additional interest granted to the assignee on top of the standard royalty interest. 4. Term of Years: The term of years specifies the duration for which the overriding royalty interest is assigned. This period can vary depending on the agreement between the parties involved. Different Types: There can be various types of Kansas Assignment of Overriding Royalty Interest for a Term of Years, each with specific variations or conditions. Some of these types may include the following: 1. Fixed Term Assignment: This type of assignment involves a fixed duration for the overriding royalty interest, after which the assignor regains full control over the interest. 2. Renewal Assignment: In this type of assignment, the overriding royalty interest can be renewed or extended for additional terms upon the agreement of both parties. It offers the potential for a long-term arrangement. 3. Conditional Assignment: This assignment may come with certain conditions that must be met before the overriding royalty interest can be transferred. These conditions could be related to production levels, price thresholds, or other factors. 4. Partial Assignment: This type of assignment involves transferring only a portion of the overriding royalty interest, meaning the assignee will only receive a percentage of the royalties generated from the property. In summary, a Kansas Assignment of Overriding Royalty Interest for a Term of Years is a legal agreement used in the energy industry to transfer a portion of the royalty interest to another party for a specified duration. There can be various types of assignments with specific variations and conditions based on the agreement between the parties involved. Compliance with Kansas state laws and regulations is essential while drafting and executing these assignments.
Kansas Assignment of Overriding Royalty Interest For A Term of Years
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How to fill out Kansas Assignment Of Overriding Royalty Interest For A Term Of Years?
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FAQ
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: 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.
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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
The formula to calculate NPRI without proportionate share reduction is LRR ? RI = NPRI. As an example, reducing your revenue interest from 25% LRR results in 1/16 NPRI, leaving 75% NRI for working interest owners.
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.
