Kentucky Notice of Payout, Election to Convert Interest to Party With Right to Convert An Overriding Royalty Interest to A Working Interest
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How to fill out Notice Of Payout, Election To Convert Interest To Party With Right To Convert An Overriding Royalty Interest To A Working Interest?
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FAQ
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.
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.
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.
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.
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.
