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Partial Release of Lien on Assigned Overriding Royalty Interest

Partial Release of Lien on Assigned Overriding Royalty Interest

Name: Partial Release of Lien on Assigned Overriding Royalty Interest
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.76 (244 reviews)

Category:

Oil Gas and Minerals - Releases

State:

Multi-State

Control #:

US-OG-406

Format:

Instant download

Description

This form of release is used when Lienholder releases, relinquishes, and surrenders to Mortgagor/ Grantor's Assignee all of Lienholder's rights, claims, and liens under the Mortgage/Deed of Trust in and to an undivided overriding royalty interest.

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FAQ

Royalty Interest an ownership in production that bears no cost in production. Royalty interest owners receive their share of production revenue before the working interest owners. Working Interest an ownership in a well that bears 100% of the cost of production.

An overriding royalty interest is the right to receive revenue from the production of oil and gas from a well. The overriding royalty is carved out of the lessee's (operator's) working interest and entitles its owner to a fraction of production.

Overriding Royalty Interest (ORRI) a percentage share of production, or the value derived from production, which is free of all costs of drilling and producing, and is created by the lessee or working interest owner and paid by the lessee or working interest owner.

The royalty mineral owner retains ownership of the interest after production stops. Holders of overriding royalty interests have no ownership rights to the minerals under the ground but a non-possessory undivided interest.

A royalty interest is a non-possessory real property interest in oil and gas production free of production and operating expenses, which may be created by grant or by reservation or exception.

An overriding royalty interest generally entitles the owner of the interest to a specified share of the oil and gas produced under the terms of the lease. In Texas and in many other oil-producing states, overriding royalty interests are generally treated as interests in real estate.

A stipulation of interest is a contract that consists of mutual conveyances, and therefore, it must conform to the requirements of both a contract and conveyance.This requires the affiant to state all facts necessary to establish inheritance of a decedent's real estate as well as proportional interest.

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.

Partial Release of Lien on Assigned Overriding Royalty Interest

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What is the difference between working interest and royalty interest?

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