Virgin Islands Mineral Deed with Grantor Reserving Nonparticipating Royalty Interest

State:
Multi-State
Control #:
US-OG-062
Format:
Word; 
Rich Text
Instant download

Description

This form of deed conveys the grantee an undivided mineral interest, with the grantor reserving a nonparticipating royalty interest out of the interest conveyed.

How to fill out Mineral Deed With Grantor Reserving Nonparticipating Royalty Interest?

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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.

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.

Royalty Interest (RI) ? this type of mineral interest is obtained when an owner decides to lease their mineral interest to a company that plans to drill and operate a well on the land.

You may convey overriding royalty interest on either an Assignment of Record Title Interest (Form 3000-3), a Transfer of Operating Rights (Form 3000-3a), or on a private assignment. We only require filing of one signed copy per assignment plus a nonrefundable filing fee found at 43 CFR 3000.12.

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.

Unlike mineral owners, non-participating royalties do not have executive rights in lease negotiations, leasing incentives, or rental payments. They just receive the actual production proceeds.

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.

Essentially, NPRI is the royalty severed from minerals just as minerals are severed from the surface interest. Unlike mineral owners, non-participating royalties do not have executive rights in lease negotiations, leasing incentives, or rental payments. They just receive the actual production proceeds.

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Virgin Islands Mineral Deed with Grantor Reserving Nonparticipating Royalty Interest