Texas Assignment of Overriding Royalty Interest (No Proportionate Reduction)
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FAQ
(I) interest shall accrue on all delinquent royalties at the rate of 12% per year (simple interest) pursuant to the Texas Natural Resources Code, §52.131(g);
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.
Under Texas law, there is a rule of non-apportionment. It sets out that when the property is subdivided after the lease is already in place on the tract, the royalties are not apportioned but given to the royalty interest owner on whose property the well physically sits. Delay rentals however are apportioned.
1. n. [Oil and Gas Business] Ownership in a share of production, paid to an owner who does not share in the right to explore or develop a lease, or receive bonus or rental payments. It is free of the cost of production, and is deducted from the royalty interest.
Contact the publisher if you have not received your royalties. If you have not received your royalties within a reasonable amount of time, contact the publisher and ask them why. They should be able to provide you with an explanation and a timeline for when you will receive your payment.
Non-Apportionment Rule The rule?followed in the majority of states?that royalties accruing under a lease on property that has been subdivided after the lease grant are not to be shared by the owners of the various subdivisions but belong exclusively to the owner of the subdivision where the producing well is located.
Under Texas law, the statute of limitations for royalty payments is four years. So a royalty owner who is underpaid must file suit to recover royalties owed within four years from the date the royalty is due.
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.