Oregon Assignment of Overriding Royalty Interest Limited As to Depth is a legal document that pertains to the transfer of rights to receive royalty payments from oil and gas production on a particular property. This assignment is limited in that it only applies to a specific depth or depths within the property. Keywords: Oregon, assignment, overriding royalty interest, limited, depth, royalty payments, oil and gas production. There are different types of Oregon Assignment of Overriding Royalty Interest Limited As to Depth, including: 1. Horizontal Depth Assignment: This type of assignment limits the rights to receive royalty payments to a specific horizontal depth within the property. It ensures that the assignee only receives royalties from the designated depth, regardless of the overall production of the property. 2. Vertical Depth Assignment: In this case, the assignment restricts the rights to a particular vertical depth within the property. The assignee will only receive royalty payments from oil and gas production occurring at or below the specified depth. 3. Multiple Depth Assignment: This type of assignment allows for multiple specified depths within the property. The assignee will receive royalty payments for oil and gas production occurring at or below each designated depth. 4. Limited Depth Assignment: A limited depth assignment restricts the rights to receive royalty payments only to a portion of the overall depth range of the property. The assignee will not be entitled to royalties from oil and gas production outside the specified limited depth range. It is crucial for all involved parties to carefully review the terms and conditions outlined in the Oregon Assignment of Overriding Royalty Interest Limited As to Depth. The document should detail the specific depths, boundaries, and any relevant limitations or exclusions associated with the assignment. It is recommended to consult with a legal professional specializing in oil and gas transactions to ensure adequate understanding and protection of rights.
Oregon Assignment of Overriding Royalty Interest Limited As to Depth
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FAQ
An overriding royalty interest (ORRI) is an interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.
Calculating Overriding Royalty Interest 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.
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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
An overriding royalty interest (ORRI) is an undivided interest in a mineral lease giving the holder the right to a proportional share (receive revenue) of the sale of oil and gas produced. The ORRI is carved out of the working interest or lease.
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.
To calculate the number of net royalty acres I'm selling, I use this formula: [acres in tract] X [% of minerals owned] X 8 X [royalty interest reserved in lease] X [fraction of royalty interest being sold]. 640 acres X 25% X 8 X 1/4 X 1/2 = 160 net royalty acres.
