Michigan Assignment of Overriding Royalty Interest Limited As to Depth is a legal agreement that governs the transfer of a specific type of royalty interest in Michigan. This agreement is applicable to different types of depth-limited overriding royalty interests, each with its own unique characteristics and implications. These types include: 1. Perforation Depth-Limited Assignment of Overriding Royalty Interest: This type of agreement restricts the overriding royalty interest to a specific depth within a well bore. It ensures that the assignor only transfers their rights to the overriding royalty interest up to a designated depth, while retaining the remaining interest for themselves. 2. Completion Depth-Limited Assignment of Overriding Royalty Interest: This assignment pertains to overriding royalty interests limited to a particular depth at completion. It allows the assignor to convey their interest in the overriding royalty to the assignee solely for the designated depth during the well's completion phase. 3. Production Depth-Limited Assignment of Overriding Royalty Interest: With this type of assignment, the overriding royalty interest is constrained to a specific depth at production. It grants the assignee the right to receive royalties only for the designated depth while the well is in the production phase. 4. Depth Interval-Limited Assignment of Overriding Royalty Interest: This agreement limits the overriding royalty interest to a specific interval of depth within the well. It outlines the precise depth range where the assignee is entitled to the royalty payments, ensuring the assignor maintains their interest beyond that range. The Michigan Assignment of Overriding Royalty Interest Limited As to Depth is vital in maintaining transparency and clarity in the transfer of royalty interests. It protects the interests of both parties involved in the agreement and clearly defines the rights and limitations associated with the overriding royalty's depth and scope.
Michigan 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: 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, ...
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.
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 ...
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.
