The Kentucky Assignment of Overriding Royalty Interest For A Term of Years is a legal document that allows for the transfer of a portion of the royalty interest in an oil and gas lease for a defined period. This assignment is particularly relevant for individuals or entities involved in the oil and gas industry in Kentucky. Keywords: Kentucky, Assignment, Overriding Royalty Interest, Term of Years, oil and gas lease, transfer, royalty interest, industry. There are different types of Kentucky Assignments of Overriding Royalty Interest For A Term of Years, depending on the specific circumstances and terms agreed upon by the parties involved. Some of these variations may include: 1. Absolute Assignment: This type of assignment transfers the entire overriding royalty interest to the assignee for the defined term of years. The assigning party relinquishes all rights and benefits associated with the interest during the specified period. 2. Partial Assignment: Unlike the absolute assignment, a partial assignment involves the transfer of only a portion of the overriding royalty interest to the assignee. This allows the assigning party to retain a stake in the interest while still benefiting from the lease's royalty payments. 3. Non-Participating Royalty Interest Assignment: In some cases, an assignment may involve the transfer of a non-participating royalty interest. This means that the assignee is entitled to a share of the royalty payments but does not have any rights in the operation or development of the leased property. 4. Fixed-Term Assignment: A fixed-term assignment sets a specific period during which the assignee has the right to receive royalty payments. After the term expires, the overriding royalty interest reverts to the assigning party. 5. Renewable Assignment: This type of assignment allows for the renewal of the term of years if certain conditions are met. The assignee may have the option to extend the assignment for additional periods, ensuring a longer-term benefit from the royalty interest. These various types of Kentucky Assignments of Overriding Royalty Interest For A Term of Years provides flexibility and options for oil and gas lease owners, assignees, and investors to structure their agreements according to their specific needs and goals. It is essential for all parties involved to consult with legal professionals experienced in oil and gas law to ensure the assignment accurately reflects their intentions and protects their interests.
Kentucky Assignment of Overriding Royalty Interest For A Term of Years
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How to fill out Kentucky Assignment Of Overriding Royalty Interest For A Term Of Years?
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FAQ
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: 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.
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, ...
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
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.
