Kansas Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool refers to a legal document in the oil and gas industry wherein the owner of an overriding royalty interest (ORRIS) assigns their rights to receive a portion of the production revenue from multiple lease agreements in Kansas. This assignment is specifically applicable to leases that are currently non-producing, meaning they are not yet extracting oil or gas from the leased property. The key objective of this type of assignment is to allow for the consolidation and pooling of multiple leases, enabling more efficient and cost-effective exploration and extraction operations. By granting the right to pool, the assignor (the party assigning the ORRIS) ensures that all the leases can be combined into a single unit, and the oil and gas resources beneath the leased properties can be accessed as a whole. Keywords: 1. Kansas Assignment of Overriding Royalty Interest: This refers to the legal transfer of the rights to receive a portion of the production revenue from leases in Kansas. 2. Multiple Leases: Refers to more than one lease agreement under which oil and gas resources are being explored or extracted. 3. Non Producing: Indicates that the leases are currently not yielding any production. 4. Reservation of the Right to Pool: This denotes reserving the right to combine the leases into a single unit for enhanced exploration and extraction operations. There may not be distinct types of Kansas Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool. However, the assignment may differ based on specific lease agreements, overriding royalty interest percentages, or the assignor's terms and conditions. Each assignment will be unique and tailored to the parties involved. It is essential to consult an attorney or legal expert specializing in oil and gas law to draft and review the Kansas Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool to ensure compliance with Kansas state laws and industry regulations.
Kansas Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool
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FAQ
Overriding Royalty Interest (ORRI) 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.
1. n. [Oil and Gas Business] Ownership in a share of production, paid to an owner who does not share in the right to explore or develop a lease, or receive bonus or rental payments. It is free of the cost of production, and is deducted from the royalty interest.
An NPRI owner also does not have the right to produce the minerals by himself, and they are not responsible for the operational costs associated with production or drilling. An NPRI has fewer rights than a 'regular' mineral rights owner as they do not have the right to make decisions related to the execution of leases.
Non-operating working interests include overriding royalty interests, production payments, and net profit interests. Unlike royalty interests, non-operating working interest must include a portion of the costs associated with the day-to-day operation of the well.
Calculating Overriding Royalty Interest An ORRI is a straight percentage. For example, a 2% override would appear on the royalty statement as 0.02 interest in the proceeds from the sale of the leased hydrocarbons.
The term ?non-participating? indicates that the interest owner does not share in the bonus, rentals from a lease, nor the right (or obligation) to make decisions regarding execution of those leases (i.e., no executive rights).
An ORRI is an undivided interest in a mineral lease that gives you the right to a proportional share of the gas and oil that is produced. The overriding royalty interest is carved from the lease or working interest.
An overriding royalty agreement is a contract that gives an entity the right to receive revenue from certain productions or sales. The specific type of occurence that royalties are required to be paid on is included in the overriding royalty agreement.
