The Kansas Assignment of Overriding Royalty Interest for Multiple Leases is a legal document that allows the transfer of a percentage of the royalty interest from multiple leases to another party. This assignment involves calculating the difference between the specified percentage and the existing leasehold burdens. In Kansas, there are various types of Assignment of Overriding Royalty Interest for Multiple Leases based on specific circumstances. These types include: 1. Kansas Assignment of Overriding Royalty Interest for Multiple Leases — Fixed Percentage: This type of assignment involves the transfer of a specific fixed percentage of the royalty interest from multiple leases. The existing leasehold burdens are subtracted from this percentage to determine the assigned interest. 2. Kansas Assignment of Overriding Royalty Interest for Multiple Leases — Floating Percentage: This type of assignment involves the transfer of a fluctuating percentage of the royalty interest. The specified percentage may vary based on factors such as production levels, reserve estimates, or market conditions. The existing leasehold burdens are subtracted from this floating percentage to establish the assigned interest. 3. Kansas Assignment of Overriding Royalty Interest for Multiple Leases — Graduated Percentage: This type of assignment includes a percentage that increases or decreases over time or upon meeting certain conditions. The existing leasehold burdens are calculated for each relevant period, and the specified graduated percentage is then applied to determine the assigned interest. It is important to note that this document is specific to Kansas and may have variations in other jurisdictions. The purpose of this assignment is to provide transparency and clarity in the transfer of overriding royalty interests while accounting for any leasehold burdens that may affect the assigned interest.
Kansas Assignment of Overriding Royalty Interest for Multiple Leases - Interest Assigned Is Difference Between Specified Percentage and Existing Leasehold Burdens
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How to fill out Kansas Assignment Of Overriding Royalty Interest For Multiple Leases - Interest Assigned Is Difference Between Specified Percentage And Existing Leasehold Burdens?
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FAQ
Essentially, NPRI is the royalty severed from minerals just as minerals are severed from the surface interest. Unlike mineral owners, non-participating royalties do not have executive rights in lease negotiations, leasing incentives, or rental payments. They just receive the actual production proceeds.
However, unlike royalty and working interests, an overriding royalty interest cannot be fractionalized unlike royalty and working interests. The ORRI is a non-possessory, undivided right to a share of the oil and gas production, but it excludes the production costs of the mineral lease.
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.
The value of an overriding royalty interest is simple to calculate since it is a percent of the working interest lease. The ORRI value is based on production on the acreage leased by the working interest.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
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 ...
Royalty interest in the oil and gas industry refers to ownership of a portion of a resource or the revenue it produces. A company or person that owns a royalty interest does not bear any operational costs needed to produce the resource, yet they still own a portion of the resource or revenue it produces.
