Oklahoma Mineral Deed with Grantor Reserving Nonparticipating Royalty Interest
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How to fill out Mineral Deed With Grantor Reserving Nonparticipating Royalty Interest?
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FAQ
An Overriding Royalty Interest IORRI), commonly referred to as an override, is a fractional, undivided interest granting the right to receive proceeds from the sale of oil and gas. It is not an interest in the minerals themselves, but rather in the proceeds of the sale of oil and gas.
A mineral interest is simply a real property interest obtained from the severance or exploitation of minerals ? say natural gas ? from the surface. On the other hand, a royalty interest is the property interest that grants an owner a portion of the production revenue generated.
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.
Typically, NPRIs are created by an express grant or reservation in a deed and are entirely different from a ?leasehold? royalty. The holder of a NPRI has no power to negotiate or execute an oil and gas lease and has no power to enter upon the land to extract the hydrocarbons.
The formula to calculate NPRI without proportionate share reduction is LRR ? RI = NPRI. As an example, reducing your revenue interest from 25% LRR results in 1/16 NPRI, leaving 75% NRI for working interest owners.
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.
NRA = 40.00 net mineral acres x ([1/5] Lease Royalty Rate / [1/8] Standard Royalty Rate) NRA = 40.00 x (0.20 / 0.125) NRA = 40.00 x 1.60 NRA = 64.00 Net Royalty Acres This mathematical concept can also be used inversely to calculate your net mineral acres in a parcel based on the Net Revenue Interest (NRI) you are ...
An attorney can create a deed or assignment that conveys the mineral rights to the new owners. The original deed will need to be recorded in the county where the minerals are located. If there are producing wells on the property, each operator will need to be notified of the change in ownership.
