Keywords: Kentucky, Assignment of Overriding Royalty Interest, Override, Owner, Types Kentucky Assignment of Overriding Royalty Interest (By Owner of Override) is a legal document that allows the owner of an override interest in a mineral lease or oil and gas lease in the state of Kentucky to assign or transfer their interest to another party. This assignment transfers the right to receive a portion of the mineral royalties or proceeds from the lease to the assignee. There are different types of Kentucky Assignment of Overriding Royalty Interest (By Owner of Override) that can be executed based on specific circumstances and agreements between parties. Some of these types include: 1. Absolute Assignment: This type of assignment transfers all the owner's rights, title, and interest in the overriding royalty interest to the assignee. The assignee becomes the new owner of the override and is entitled to receive the assigned portion of the mineral royalties. 2. Partial Assignment: In a partial assignment, only a portion of the owner's overriding royalty interest is transferred to the assignee. The assignee will receive a specified percentage or fraction of the owner's original override, while the owner retains the remaining interest. 3. Temporary Assignment: This type of assignment grants the assignee temporary rights to the overriding royalty interest for a specific period or until certain conditions are met. Once the specified time or conditions expire, the overriding royalty interest reverts to the owner. 4. Remainder Assignment: In a remainder assignment, the owner assigns the overriding royalty interest to the assignee for a specific duration or until a specific event occurs. Once the specified event or duration ends, the overriding royalty interest reverts to the owner or passes to another designated party. 5. Royalty Assignment: This assignment specifically transfers the right to receive a portion of the mineral royalties from the lease to the assignee. The assignee will be entitled to the assigned percentage or fraction of the royalties, instead of the owner. When executing a Kentucky Assignment of Overriding Royalty Interest (By Owner of Override), it is crucial to ensure all relevant terms, conditions, and considerations are stated clearly to avoid any future disputes or confusion. It is recommended to seek the guidance of legal professionals experienced in Kentucky mineral rights and oil and gas lease transactions to ensure a valid and enforceable assignment.
Kentucky Assignment of Overriding Royalty Interest (By Owner of Override)
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FAQ
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.
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.
An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.
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.
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, ...
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.
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.
Royalty interest in the oil and gas industry refers to ownership of a portion of a resource or the revenue it produces. A company or person that owns a royalty interest does not bear any operational costs needed to produce the resource, yet they still own a portion of the resource or revenue it produces.
