The Ohio Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest is a legal document that outlines the transfer of a portion of the rights and interests in an oil and gas lease while reserving an overriding royalty interest. This type of assignment allows individuals or entities to sell or assign a portion of their ownership in the lease while retaining a percentage of the profits from the production. Keywords: Ohio, assignment, partial interest, oil and gas lease, reserving, overriding royalty interest, transfer, rights, ownership, profits, production. Types of Ohio Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest: 1. Standard Assignment with Reserving: This type of assignment involves the transfer of a specific percentage or portion of the ownership interest in the oil and gas lease to another party while reserving a fixed overriding royalty interest for the assignor. The assignor continues to receive a predetermined percentage of the profits generated from the production. 2. Assignment with Variable Royalty Interest: In this type of assignment, the assignor reserves the right to receive a varying royalty interest based on the production levels or other identified factors. The overriding royalty interest may fluctuate over time, giving the assignor a percentage of the profits that changes accordingly. 3. Assignment with Shared Overriding Royalty Interest: This variation of the assignment involves multiple parties transferring their partial interests in the oil and gas lease to a new assignee while reserving a shared overriding royalty interest. Each assignor continues to receive a proportional share of the profits. 4. Assignment with Time-Limited Overriding Royalty Interest: This type of assignment allows the assignor to reserve an overriding royalty interest for a specified period. Once the assigned period expires, the overriding royalty interest will return fully to the primary assignee. 5. Partial Assignment with Multiple Overriding Royalty Interests: This variation involves the partial assignment of an oil and gas lease to multiple assignees, with each assignee reserving a distinct overriding royalty interest. The assignors can negotiate different percentages or terms of their royalty interests. It is crucial to consult with legal professionals experienced in oil and gas leases in Ohio to ensure compliance with state laws and to customize the assignment to meet the specific requirements and objectives of the parties involved.
Ohio Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest
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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.
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.
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, ...
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
Any partial assignment of any lease shall segregate the assigned and retained portions thereof, and as above provided, release and discharge the assignor from all obligations thereafter accruing with respect to the assigned lands; and such segregated leases shall continue in full force and effect for the primary term ...
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 ...
