Nebraska Assignment of Overriding Royalty Interest for Multiple Leases is a legal document used in the oil and gas industry to transfer the interest in royalty payments from one party to another. This assignment allows the assignee to receive a portion of the royalty payments generated from multiple leases. The "Interest Assigned Is Difference Between Specified Percentage and Existing Leasehold Burdens" clause in the assignment refers to the difference between the assigned interest percentage and any existing burdens on the leasehold. In simpler terms, it means that the assignee will receive the calculated difference in royalty payments based on the specified percentage and the burdens on the leasehold. Different types of Nebraska Assignment of Overriding Royalty Interest for Multiple Leases with the "Interest Assigned Is Difference Between Specified Percentage and Existing Leasehold Burdens" clause may include: 1. Individual Assignments: These assignments involve the transfer of a specific percentage of the overriding royalty interest from one party (the assignor) to another (the assignee). The assignee will receive the specified percentage of the royalty payments after deducting any existing burdens. 2. Joint Assignments: In joint assignments, multiple assignors transfer their overriding royalty interests to one or more assignees. The assignees will then collectively receive the calculated difference between the specified percentages and the existing leasehold burdens. 3. Partial Assignments: Partial assignments occur when the assignor transfers only a portion of their overriding royalty interest to the assignee. The assignee will receive the assigned percentage of the royalty payments, taking into account any burdens on the leasehold. 4. Multi-Lease Assignments: These assignments involve the transfer of overriding royalty interests from multiple leases to the assignee. The assignee will receive the difference between the specified percentage and the existing leasehold burdens for each lease, thereby earning royalty payments from multiple sources. 5. Assignments with Varying Interest Percentages: Some assignments may involve assigning overriding royalty interests with different percentages. In such cases, the assignee will receive the difference between each specified percentage and the relevant leasehold burdens. It is important to carefully review and understand the terms of the Nebraska Assignment of Overriding Royalty Interest for Multiple Leases, particularly the "Interest Assigned Is Difference Between Specified Percentage and Existing Leasehold Burdens" clause, to ensure a clear understanding of the assigned royalty interest and any associated burdens. Legal advice is often recommended before entering into such agreements.
Nebraska Assignment of Overriding Royalty Interest for Multiple Leases - Interest Assigned Is Difference Between Specified Percentage and Existing Leasehold Burdens
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FAQ
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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
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.
