Nevada Assignment of Overriding Royalty Interest Limited As to Depth is a legal document that governs the transfer of ownership rights in an oil or gas lease pertaining to a limited depth range. This agreement is crucial in the oil and gas industry, as it allows operators or companies to assign a portion of their overriding royalty interest (ORRIS) while restricting it to a specific depth zone. In Nevada, there are various types of Assignment of Overriding Royalty Interest Limited As to Depth, including: 1. Full Depth Assignment: — This type of assignment encompasses the entirety of the depth range defined in the lease agreement. The assignor transfers their overriding royalty interest rights, including all depths, to the assignee. 2. Limited Depth Assignment: — In this scenario, the assignor transfers their ORRIS to the assignee, but only for a specific depth range. This may be beneficial if the assignor wants to retain a portion of the royalties from a different depth range or if the assignee is interested in investing in specific depths. 3. Perforation Interval Assignment: — This type of assignment focuses on the specific interval where the well bore is perforated. It allows the assignor to transfer their overriding royalty interest limited to the depth range around the well bore, ensuring that only the assigned interval generates royalties for the assignee. 4. Partial Depth Assignment: — This assignment type offers flexibility not only in terms of the depth range but also in the assigned percentage of the overriding royalty interest. The assignor can transfer a specified portion (e.g., 50%, 75%) of their ORRIS limited to a specific depth range, while retaining the remaining ORRIS or assigning it to different parties. 5. Temporal Depth Assignment: — Temporal depth assignments are time-based, where the overriding royalty interest is transferred to the assignee for a specific period. This assignment can be combined with other types mentioned above to further restrict or define the depth for the duration of the agreement. An Assignment of Overriding Royalty Interest Limited As to Depth document typically includes relevant keywords such as royalty interest, oil lease, gas lease, assignor, assignee, depth range, overriding royalty, leased depths, oil and gas industry, limited depth assignment, and Nevada. These keywords assist in classifying and indexing the document for legal and industry search purposes.
Nevada 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, ...
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.
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.
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 ...
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
