The Virgin Islands Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage refers to a legal contract that transfers a portion of the overriding royalty interest from the working interest owner to another party in the Virgin Islands. This type of assignment specifically applies to a single lease and involves a stated percentage of the royalty interest. In the Virgin Islands, there are a few variations of the Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage: 1. Absolute Assignment: This type of assignment involves the complete transfer of the overriding royalty interest from the working interest owner to the assignee. The percentage stated in the agreement determines the assignee's portion of the royalty interest, and they become entitled to receive the specified percentage of future royalty payments. 2. Partial Assignment: In a partial assignment, the working interest owner transfers only a portion of the overriding royalty interest to the assignee. This allows the working interest owner to retain a percentage of the royalty interest while sharing the remaining percentage with the assignee. 3. Assignment for Consideration: This type of assignment involves the transfer of the overriding royalty interest from the working interest owner to the assignee in exchange for consideration, which could be a lump sum payment or other agreed-upon compensation. The stated percentage in the assignment determines the assignee's share of the future royalty payments. 4. Assignment for Deficit Elimination: In situations where the working interest owner is in deficit or owes a monetary amount to the assignee, an assignment for deficit elimination may be used. This type of assignment transfers a percentage of the overriding royalty interest to the assignee until the deficit is fully offset by the assignee's share of future royalty payments. It is important to note that the specific terms, conditions, and provisions of each Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage may vary depending on the parties involved and the agreement reached. Professional legal advice should always be sought when drafting or entering into such assignments to ensure compliance with local laws and regulations in the Virgin Islands.
Virgin Islands Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage
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FAQ
To calculate the NMA, you need the gross number of acres and the percentage of your mineral interest. To complete the calculation, simply multiply the gross acreage by your mineral interest. For example, if you owned 25% interest on the minerals under a 400-acre tract of land, you would have 100 NMA.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
If there is an NPRI that exists, you would have to determine the # of net royalty acres by taking your royalty rate and subtracting the NPRI from it and then dividing by 12.5%.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
Overriding Royalty Interest (ORRI) 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.
NRA = 40.00 net mineral acres x ([1/5] Lease Royalty Rate / [1/8] Standard Royalty Rate) NRA = 40.00 x (0.20 / 0.125) NRA = 40.00 x 1.60 NRA = 64.00 Net Royalty Acres This mathematical concept can also be used inversely to calculate your net mineral acres in a parcel based on the Net Revenue Interest (NRI) you are ...
