Mississippi Assignment of Overriding Royalty Interest Limited As to Depth is a legal instrument that allows the assignment of a portion of the royalty interest associated with the development and production of oil and gas resources in a specific geographical area in Mississippi. The assignment is restricted to a specific depth range, limiting the assigned interest to the oil and gas formations located within that depth range. In Mississippi, there are different types of Assignment of Overriding Royalty Interest Limited As to Depth, including: 1. Primary Mississippi Assignment of Overriding Royalty Interest Limited As to Depth: This type of assignment pertains to the primary interest in the assigned depth range. It allows the assignment of the overriding royalty interest for the development and production of oil and gas reserves within the specified depth. 2. Secondary Mississippi Assignment of Overriding Royalty Interest Limited As to Depth: This type of assignment comes into effect when the primary assignment has reached its limit or expired. It grants the assignee a secondary interest in the depth range, allowing them to receive a portion of the royalty from any further development and production activities. 3. Tertiary Mississippi Assignment of Overriding Royalty Interest Limited As to Depth: If both the primary and secondary assignments have expired or reached their limits, a tertiary assignment may be executed. This grants the assignee a tertiary interest in the depth range, allowing them to receive a part of the royalty associated with any future development and extraction of oil and gas within the assigned depth. It is crucial to note that the Assignment of Overriding Royalty Interest Limited As to Depth is subject to specific terms and conditions, which may include restrictions on the geographical area, duration, and depth range of the assignment. The assignee may receive periodic royalty payments based on their assigned interest and the production from the designated depth range. The Mississippi Assignment of Overriding Royalty Interest Limited As to Depth provides a mechanism for individuals or entities to participate in the economic benefits of oil and gas production without undertaking the operational and financial responsibilities associated with exploration and development.
Mississippi Assignment of Overriding Royalty Interest Limited As to Depth
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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, ...
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
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.
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.
