The North Dakota Assignment of Overriding Royalty Interest Limited As to Depth is a legal agreement that pertains to the ownership of mineral rights in the state of North Dakota. This contractual arrangement allows individuals or entities to transfer or assign their overriding royalty interests to another party, but with certain limitations regarding the depth of the minerals covered. When it comes to the types of North Dakota Assignment of Overriding Royalty Interest Limited As to Depth, there can be several variations based on specific conditions and provisions. These may include: 1. Specific Depth Limitation: This type of agreement restricts the overriding royalty interest assignment to a particular depth or range of depths. For instance, the assignee may only receive royalties from minerals extracted at depths below a specified level. 2. Multiple-Depth Ranges: In some cases, the North Dakota Assignment of Overriding Royalty Interest Limited As to Depth may involve multiple depth ranges. This means that the assignment can encompass different depths for various minerals. For example, the assignor may assign the overriding royalty interest limited to depths between 1,000 and 5,000 feet for oil, whereas for natural gas, the limitation could be set between 1,000 and 3,000 feet. 3. Depth Restriction Amendments: This type of assignment allows for future amendments or modifications to the depth limitations. Parties involved can agree to adjust the depth restrictions either by expanding or contracting the depth ranges covered by the overriding royalty interest. 4. Variable Depth Limits: Another variant of the North Dakota Assignment of Overriding Royalty Interest Limited As to Depth includes variable depth limits. This means that the depth limitation can change based on certain conditions, such as changes in technology, market conditions, or drilling advancements. It is essential to carefully draft the North Dakota Assignment of Overriding Royalty Interest Limited As to Depth to ensure that all parties involved clearly understand the limitations and rights associated with the assignment. This legal document plays a crucial role in defining the scope of ownership and the potential benefits derived from the mineral rights in North Dakota.
North Dakota Assignment of Overriding Royalty Interest Limited As to Depth
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Overriding Royalty Interest Example The mineral estate can be severed from the surface, beginning two separate chains of title. The mineral owner has the right to explore and develop the minerals, but the vast majority do not have the finances or knowledge to drill and operate 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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
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.
