Kentucky Affidavit As to Changes and Alterations Appearing in Oil and Gas Lease is a legal document that verifies and records any modifications made to an existing lease agreement pertaining to oil and gas exploration and production in the state of Kentucky. This affidavit acts as an official record to document changes made to the original lease terms, providing transparency and clarity for all parties involved. Keywords: Kentucky, affidavit, changes, alterations, oil and gas, lease, modifications, exploration, production, legal document. Different types of Kentucky Affidavit As to Changes and Alterations Appearing in Oil and Gas Lease may include: 1. Primary Lease Modification Affidavit: This type of affidavit is used when significant changes or alterations are made to the primary lease agreement. It necessitates the submission of an updated affidavit to reflect the revised terms and conditions. 2. Extension and Renewal Affidavit: In cases where the lease term needs to be extended or renewed, this affidavit is utilized to outline the changes and modifications made to the original lease agreement. 3. Amendments and Supplemental Affidavit: Whenever there are minor adjustments, corrections, or additions to the original lease terms, this affidavit is prepared and submitted to properly document the alterations made. 4. Assignment and Sublease Affidavit: If there is a transfer of leasehold interests or the creation of sublease agreements, this type of affidavit is used to record the specific changes and alterations pertinent to these transactions. 5. Ratification and Confirmation Affidavit: In situations where an existing lease agreement needs to be ratified or confirmed due to changes in certain provisions or terms, this affidavit is used to acknowledge and formalize the alterations made. 6. Termination and Release Affidavit: When a lease agreement is terminated or released, this type of affidavit is prepared to document the final changes and alterations made to formally conclude the lease. It ensures the proper recording and acknowledgement of the termination. Remember that the availability and requirements of different types of affidavits may vary based on the specific circumstances of each lease agreement. It is essential to consult with legal professionals or relevant authorities for precise guidance and clarity regarding the Kentucky Affidavit As to Changes and Alterations Appearing in Oil and Gas Lease.
Kentucky Affidavit As to Changes and Alterations Appearing in Oil and Gas Lease
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FAQ
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.
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.
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.
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.
How Do Overriding Royalty Interest Payments Work? 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.
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.
