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.
Mississippi 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 assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
Is there more than one type of oil and gas lease? Yes, there are three types: a surface use lease, a non-surface use lease, and a dual purpose lease.
The record title interest includes the obligation to pay rent and the rights to assign and relinquish the lease. [1] The operating rights interest authorizes the holder to drill for and conduct operations and produce the leased substances.
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.
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.
Record Title: Primary ownership of an interest in an oil and gas or geothermal lease including the obligation to pay rent, and the right to transfer and relinquish the lease.
Operating Rights/Working Interest: The interest or contractual obligation created out of a lease (referred to as a sublease) authorizing the holder of that right to enter the leased lands to conduct drilling and related operations, including production.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
