Title: Massachusetts Assignment of Overriding Royalty Interest Limited As to Depth — Explained in Detail Keywords: Massachusetts, assignment, overriding royalty interest, limited depth Introduction: The Massachusetts Assignment of Overriding Royalty Interest Limited As to Depth refers to a legal agreement between two parties, often in the oil and gas industry, where the working interest owner assigns a portion of their royalty interests to another party. This assignment is limited to a specific depth or range of depths, ensuring that only a particular part of the production is subject to the royalty interest. In Massachusetts, there are different types of assignments of overriding royalty interest limited as to depth, including those discussed below. 1. Massachusetts Assignment of Overriding Royalty Interest Limited As to Depth in Oil and Gas Exploration: In this type of assignment, the working interest owner grants a specified portion of their royalty interests related to oil and gas exploration activities to another party. This agreement limits the royalty interest to a specific depth or depth range, ensuring that only the production from the assigned depth undergoes royalty calculations. 2. Massachusetts Assignment of Overriding Royalty Interest Limited As to Depth in Well Development: This assignment is relevant during the development phase of oil or gas wells. Here, the working interest owner assigns a portion of their royalty rights limited to a specific depth or range of depths in the well-being developed. The assigned party receives a predetermined portion of the royalty payments, exclusive to the specified depth(s). 3. Massachusetts Assignment of Overriding Royalty Interest Limited As to Depth in Offshore Drilling: For offshore drilling projects, this assignment allows the working interest owner to assign a limited royalty interest within a predefined depth zone. The assigned party receives a percentage of the royalty from the depth(s) specified in the agreement, while the remaining depth(s) retain the original working interest owner's rights. 4. Massachusetts Assignment of Overriding Royalty Interest Limited As to Depth in Mining Operations: In mining operations, the Massachusetts Assignment of Overriding Royalty Interest Limited As to Depth can also be applicable. The agreement allows the assigning party to allocate their royalty interests to another party, exclusively within specific depths of the mining site. This enables the party acquiring the royalty interest to enjoy the benefits derived from the assigned depth(s). Conclusion: The Massachusetts Assignment of Overriding Royalty Interest Limited As to Depth is a legal arrangement that allows the assignment of a specific portion of royalty rights, restricted to a particular depth or range of depths. This limitation ensures that the royalty calculations apply only to the assigned depth, while the remaining depths retain the original royalty interest. Different types of Massachusetts assignments are applicable in various scenarios, including oil and gas exploration, well development, offshore drilling, and mining operations.
Massachusetts Assignment of Overriding Royalty Interest Limited As to Depth
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There are three main types of royalty interests: 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, ...
If at any time Assignee desires to transfer or dispose of all or any portion of the Overriding Royalty Interest, Assignee must first give to Assignor written notice thereof stating: (a) the amount of the Overriding Royalty Interest offered by Assignee; (b) the form of consideration (which shall be either cash or a ...
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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
What Determines the Value of an Overriding Royalty Interest? Mineral interest location. One in a shale basin with high production is worth more. Producing oil and gas wells. Wells currently producing are valued more. ... Production reserves and levels. ... Prices.
