The Kentucky Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option is a legal document that outlines the transfer of ownership rights and interests in an oil or gas lease. It involves the assignment of overriding royalty interests (ORRIS) that can potentially be converted into a working interest (WI) at the option of the assignee. In Kentucky, there are different types of Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option depending on the specific terms and conditions of the agreement. These variations include: 1. Fixed Conversion Rate Assignment: This type of assignment specifies a predetermined conversion rate at which the overriding royalty interest can be converted into a working interest. The conversion rate may be stated as a percentage or a specific number. 2. Floating Conversion Rate Assignment: In this type of assignment, the conversion rate is not fixed and may vary depending on certain factors or conditions specified in the agreement. These factors can include market conditions, production levels, or price indexes. The floating conversion rate allows for greater flexibility and may result in a higher or lower working interest conversion depending on the circumstances. 3. Limited Timeframe Assignment: Some assignments may have a limited timeframe during which the assignee has the option to convert the overriding royalty interest into a working interest. This allows the assignee to assess the productivity and profitability of the lease before committing to a working interest. 4. Partial Conversion Assignment: This type of assignment allows for the partial conversion of the overriding royalty interest into a working interest. It provides the assignee with flexibility in determining the extent of their involvement in the lease. The Kentucky Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option can be a complex legal document, and it is recommended that individuals seek professional advice or consult an attorney when dealing with such agreements. It is crucial to carefully review all terms and conditions, including conversion rates, timeframes, and any other provisions before entering into the assignment.
Kentucky Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option
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Hear this out loud PauseOverriding 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.
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. NonParticipating Royalty Interest (NPRI) Endeavor Energy Resources endeavorenergylp.com ? InterestDefinitions endeavorenergylp.com ? InterestDefinitions
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. Information and Procedures for Transferring Overriding ... Bureau of Land Management (.gov) ? article ? Information-and-Proc... Bureau of Land Management (.gov) ? article ? Information-and-Proc...
Overriding Royalty Interest Conveyance means an assignment, in form and substance acceptable to Lender, pursuant to which Borrower grants in favor of Lender an overriding royalty interest equal to six and one-fourth percent (6.25%) of Hydrocarbons produced, saved and sold or used off the premises of the relevant Lease, ... Overriding Royalty Interest Conveyance Definition - Law Insider Law Insider ? dictionary ? overriding... Law Insider ? dictionary ? overriding...
Hear this out loud PauseOverriding Royalty Interest Conveyance means an assignment, in form and substance acceptable to Lender, pursuant to which Borrower grants in favor of Lender an overriding royalty interest equal to six and one-fourth percent (6.25%) of Hydrocarbons produced, saved and sold or used off the premises of the relevant Lease, ...
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
Hear this out loud PauseOverriding 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.
An overriding royalty interest (ORRI) is an interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well. Overriding Royalty Interest (ORRI) (US) - Westlaw Westlaw ? PracticalLaw Westlaw ? PracticalLaw