Ohio Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage is a legal document used in the oil and gas industry. It involves the transfer of a specified percentage of the overriding royalty interest from the working interest owner to another party in relation to a single lease in Ohio. In this type of assignment, the working interest owner grants a portion of their overriding royalty interest to another party, known as the assignee. However, it is important to note that the working interest owner retains their working interest in the lease, meaning they still have the right to participate in and bear the costs of drilling and operations. The assignment typically includes relevant keywords such as Ohio, assignment, overriding royalty interest, working interest owner, single lease, and stated percentage. These keywords help in accurately describing the purpose and scope of the document, making it easier for individuals involved in the oil and gas industry to understand and navigate its content. Different types of Ohio Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage can be named based on the parties involved or the specific terms and conditions of the assignment. Some possible variations may include: 1. Ohio Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage — Corporate Assignment: This type of assignment involves a working interest owner who is a corporation, transferring a stated percentage of their overriding royalty interest to another party. 2. Ohio Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage — Individual Assignment: In this case, a working interest owner who is an individual grants a stated percentage of their overriding royalty interest to the assignee. 3. Ohio Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage — Enhanced Percentage Assignment: This type of assignment may involve an increased stated percentage of the overriding royalty interest being transferred, providing the assignee with a greater share of the royalties generated from the lease. Regardless of the specific type, all Ohio Assignments of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage serve to outline the terms and conditions of the transfer, including the percentage being assigned, payment arrangements, and any additional provisions or restrictions agreed upon by the parties involved.
Ohio Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage
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How to fill out Assignment Of Overriding Royalty Interest By Working Interest Owner, Single Lease, Stated Percentage?
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FAQ
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
ORRIs are created out of the working interest in a property and do not affect mineral owners. An overriding royalty interest (ORRI) is often kept or assigned to a geologist, landman, brokerage, or any entity that was able to reserve an interest in the properties.
An ORRI is a straight percentage. For example, a 2% override would appear on the royalty statement as 0.02 interest in the proceeds from the sale of the leased hydrocarbons. The exact details of an override are dependent on the language. ORRIs can be interpreted literally or may have proportionate reduction language.
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, ...
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: 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.
If there is more than one mineral owner, multiply the net revenue by the fractional interest of each owner to determine their respective royalty interest.
Overriding Royalty Interest (ORRI) ORRIs are created out of the working interest in a property and do not affect mineral owners. An overriding royalty interest (ORRI) is often kept or assigned to a geologist, landman, brokerage, or any entity that was able to reserve an interest in the properties.
