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Ohio Conveyance of Overriding Royalty Interest

Ohio Conveyance

Name: Ohio Conveyance of Overriding Royalty Interest
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.83 (281 reviews)

Category:

Ohio Contracts - Oil Gas and Minerals

State:

Ohio

Control #:

OH-LR013

Format:

Instant download

Description Ohio Conveyance Fill

An overriding royalty interest is the right to receive revenue from the production of oil and gas from a well. The overriding royalty is carved out of the lessee's (operator's) working interest and entitles its owner to a fraction of production.

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FAQ

Conveyance Documents An operator may ask you to sign a Cross-Conveyance and Stipulation of Interest document to clarify ownership when there are any ambiguities with previous conveyances when concurrent ownership (multiple people) is involved. If you have this document, keep it along with any deeds.

An overriding royalty interest generally entitles the owner of the interest to a specified share of the oil and gas produced under the terms of the lease. In Texas and in many other oil-producing states, overriding royalty interests are generally treated as interests in real estate.

Term overriding royalty interests are oil and gas interests in which the owner receives a share of oil and gas produced at the surface, free of the costs of production.

Overriding Royalty Interest (ORRI) a percentage share of production, or the value derived from production, which is free of all costs of drilling and producing, and is created by the lessee or working interest owner and paid by the lessee or working interest owner.

A royalty interest is a non-possessory real property interest in oil and gas production free of production and operating expenses, which may be created by grant or by reservation or exception.

The value of an overriding royalty interest is simple to calculate since it is a percent of the working interest lease. The ORRI value is based on production on the acreage leased by the working interest.

A gross overriding royalty can be created on a mine which produces a product like petroleum in that it can be sold without alteration of its basic character.The costs of smelting and refining the gold will reduce the proceeds to the mine owner, a percentage of which will be paid as royalty.

Net revenue is the amount that is shared among the property owners. To determine net revenue interest, multiply the royalty interest by the owner's shared interest. For example, if you have a 5/16 royalty, your net royalty interest would be 25% multiplied by 5/16, which equals 7.8125% calculated to four decimal places.

Ohio Conveyance

Description Ohio Conveyance Fill

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FAQ

What is a stipulation of interest and cross conveyance?

Is an overriding royalty interest real property?

What is an overriding royalty interest?

What is overriding royalty interest?

Is a royalty interest real property?

How do you value overriding royalty interest?

What is a gross overriding royalty?

How do you calculate royalty interest?

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