Title: Understanding Mississippi Correction Assignment of Overriding Royalty Interest Correcting Lease Description Introduction: In Mississippi, the Correction Assignment of Overriding Royalty Interest Correcting Lease Description pertains to a crucial aspect of oil and gas leases. This legal document ensures that any discrepancies or errors in the lease description are rectified and accurately recorded. This article aims to provide a comprehensive overview of this process, its importance, and the different types of correction assignments applicable in Mississippi. Keywords: Mississippi, Correction Assignment, Overriding Royalty Interest, Lease Description 1. What is a Correction Assignment of Overriding Royalty Interest Correcting Lease Description? A Correction Assignment of Overriding Royalty Interest Correcting Lease Description in Mississippi refers to a legal instrument used to rectify any error, omission, or discrepancy present in the lease description section of an oil and gas lease. This document ensures that the description accurately reflects the intended leased premises. 2. Importance of Correcting Lease Description: Ensuring the correctness of the lease description is vital for both the lessor and lessee, as it determines the boundaries and specific location of the land being leased. Accurate lease descriptions are crucial during drilling operations, the determination of royalty payments, and when resolving potential disputes regarding leasehold ownership. 3. Types of Mississippi Correction Assignment of Overriding Royalty Interest Correcting Lease Description: a) Correction Assignment for Typographical Errors: This type of correction assignment is used when minor typographical errors or misspellings are present in the lease's legal description. It allows for the accurate representation of the intended description through proper corrections. b) Correction Assignment for Omissions: In cases where a lease description omits important details about the leased premises, this type of correction assignment is utilized. It enables the inclusion of missing information, such as specific acreage, metes and bounds, or identifiable landmarks. c) Correction Assignment for Boundary Discrepancies: When there are discrepancies regarding the leased premises' boundaries, this correction assignment is applied. It helps rectify errors in surveyed lines or identifies adjacent tracts that were mistakenly included or excluded from the lease. d) Correction Assignment for Subdivision Errors: If an error occurred while assigning specific rights to subdivided tracts within a lease, this correction assignment is employed. It ensures that each tract receives the intended overriding royalty interest or mineral ownership allocation. Conclusion: The Mississippi Correction Assignment of Overriding Royalty Interest Correcting Lease Description plays a crucial role in ensuring the accuracy of lease descriptions in the oil and gas industry. By addressing typographical errors, omissions, boundary discrepancies, and subdivision errors, this legal document ensures the integrity of the lease and protects the rights of both lessors and lessees. Keywords: Mississippi, Correction Assignment, Overriding Royalty Interest, Lease Description, typographical errors, omissions, boundary discrepancies, subdivision errors.
Mississippi Correction Assignment of Overriding Royalty Interest Correcting Lease Description
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FAQ
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.
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.
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.
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, ...
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.
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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
