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Assignment of Overriding Royalty Interest Out of Working Interest...

Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form

Name: Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.64 (418 reviews)

Category:

Oil Gas and Minerals - Assignments

State:

Multi-State

Control #:

US-OG-518

Format:

Instant download

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in a Lease, convertible to a working interest.

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FAQ

Net revenue is the amount that is shared among the property owners. To determine net revenue interest, multiply the royalty interest by the owner's shared interest. For example, if you have a 5/16 royalty, your net royalty interest would be 25% multiplied by 5/16, which equals 7.8125% calculated to four decimal places.

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.

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.

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.

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.

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.

A gross overriding royalty can be created on a mine which produces a product like petroleum in that it can be sold without alteration of its basic character.The costs of smelting and refining the gold will reduce the proceeds to the mine owner, a percentage of which will be paid as royalty.

Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form

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