This form is used by the Owner to provide notice that the overriding royalty interests which are owned by Owners are to be merged into, combined with, and a part of Owners working interest, and the net revenue interest in production Owner is entitled to in all oil and gas produced from the Lands and Leases.
Missouri Notice of Merger of Working and Overriding Royalty Interests
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Multi-State
Control #:
US-OG-364
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Word;
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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.
Like Royalty Interest (RI), an ORRI ends when the oil and gas lease ends. ORRI and MI/RI (mineral/royalty) interests in the same tract of land may be valued differently. Unlike the mineral interest, which lasts in perpetuity, overriding royalties expire with the lease.
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.
An override provision allows for ongoing royalty payment on future albums, sometimes including those not produced by the original producer.
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 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.
