Maine Assignment of Overriding Royalty Interest Limited As to Depth refers to a legal document used in the state of Maine to transfer the rights of overriding royalty interests (ORI's) with specific depth limitations. This assignment provides a detailed description and understanding of the terms and conditions associated with the transfer of ORI's. An overriding royalty interest is a right to receive a percentage of the revenue generated from the production and extraction of minerals, oil, or gas from a specific property. It is often carved out of the working interest, which is the interest held by the operator or leaseholder of the property. The Maine Assignment of Overriding Royalty Interest Limited As to Depth outlines the details of the assignment, including the parties involved, the property description, and the specific depth limitations. It further elaborates on the terms, obligations, and restrictions related to the assigned ORI's. One type of Maine Assignment of Overriding Royalty Interest Limited As to Depth concerns assignments with depth limitations based on geological formations. For instance, it may stipulate that the assigned ORI's only apply to specific depths, excluding other formations or areas within the property. Another type could be assignments with depth limitations based on well or drilling depths. In such cases, the assignment may define the assigned ORI's by specifying that they only apply to wells drilled up to a certain depth, ensuring that the assignment does not extend beyond the designated depth range. Keywords: Maine Assignment of Overriding Royalty Interest, limited as to depth, ORI, overriding royalty interest, legal document, transfer of rights, revenue, minerals, oil, gas, property, working interest, operator, leaseholder, parties involved, property description, depth limitations, geological formations, well depths, drilling depths, terms, obligations, restrictions.
Maine 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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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 Example The mineral estate can be severed from the surface, beginning two separate chains of title. The mineral owner has the right to explore and develop the minerals, but the vast majority do not have the finances or knowledge to drill and operate a well.
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.
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.
