Kansas Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that pertains to the transfer of the right to receive a portion of the proceeds generated from the production of oil, gas, minerals, or other hydrocarbons from a non-producing lease in the state of Kansas. This assignment allows the assignee to collect the overriding royalty interest (ORRIS) from the assigned lease. The overriding royalty interest is a percentage of the production value, typically carved out of the lessee's working interest, and does not burden the lease. This means that the assignor (the original owner) still retains ownership of the lease, but grants the assignee the right to collect a portion of the proceeds. The ORRIS is often expressed as a fraction or decimal, representing the proportion of revenue that the assignee is entitled to. The Kansas Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) also includes a provision that reserves the right to pool. Pooling refers to the process of combining multiple leases or tracts of land to create larger drilling units, maximizing the efficiency of oil and gas extraction. By reserving the right to pool, the assignor ensures that the assigned ORRIS can still participate in any future pooling activities on the relevant lease or tracts. In addition to the identified type, there may be variations or subtypes of Kansas Assignment of Overriding Royalty Interest, such as: 1. Producing Assignment of Overriding Royalty Interest: This type of assignment applies to leases that are currently producing hydrocarbons. The assignee can start collecting the ORRIS immediately due to ongoing production. 2. Multiple Lease Assignment of Overriding Royalty Interest: This variant applies when an assignor wishes to assign the ORRIS from multiple leases to a single assignee. It consolidates the overriding royalty interests into one assignment document. 3. Reserves Right to Participate in Future Drilling Assignments: This subtype grants the assignee not only the ORRIS but also the right to participate in any future drilling activities on the assigned lease. It provides the assignee the opportunity to share in the potential profits derived from future wells. In conclusion, the Kansas Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal instrument that allows the assignee to receive a portion of the proceeds from the production of hydrocarbons on a non-producing lease. It reserves the right to pool, ensuring the assignee's participation in future pooling activities. Various subtypes of this assignment exist, including producing assignments, multiple leases assignments, and those that grant the right to participate in future drilling.
Kansas Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)
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FAQ
Participating Royalty Interest (NPRI) is an interest in oil and gas production which is created from the mineral estate. Like the plain ?royalty interest? it is expensefree, bearing no operational costs of production.
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. The formula using proportionate reduction is LRR * RI = NPRI.
: an interest in and royalty on the oil, gas, or minerals extracted from another's land that is carved out of the producer's working interest and is not tied to production costs compare royalty.
A royalty interest is a property interest that entitles the owner to receive a share of the production revenue. An individual or company that owns a royalty interest does not have to pay for any of the operational costs required to produce the resource, but they still own a portion of the revenue produced.
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.
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.
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.
Participating Royalty Interest (NPRI) is an interest in oil and gas production which is created from the mineral estate. Like the plain ?royalty interest? it is expensefree, bearing no operational costs of production.
