Travis Texas Correction Assignment of Overriding Royalty Interest (ORRIS) Correcting Lease Description is a legal document used in the oil and gas industry. This assignment plays a crucial role in rectifying any inaccuracies or mistakes present in the original lease description. The aim is to ensure that the lease description accurately reflects the rights and interests of the parties involved. Keywords: Travis Texas, Correction Assignment, Overriding Royalty Interest, Correcting Lease Description, oil and gas industry, legal document, inaccuracies, mistakes, original lease description, rights, interests, parties. Types of Travis Texas Correction Assignment of Overriding Royalty Interest Correcting Lease Description: 1. Assignment of Overriding Royalty Interest (ORRIS) Correction: This type of correction assignment is focused solely on rectifying any errors related to the overriding royalty interest. It ensures that the ORRIS accurately reflects the percentage or fraction of the royalty interest assigned to the party involved. 2. Lease Description Correction: This type of correction assignment focuses on correcting any errors or inaccuracies in the lease description. It may involve rectifying mistakes in property boundaries, acreage calculations, or legal descriptions mentioned in the lease. 3. Assignment of Overriding Royalty Interest Combined with Lease Description Correction: In certain cases, the correction assignment may involve both rectifying errors in the overriding royalty interest and lease description simultaneously. This ensures that the interests, rights, and boundaries of the involved parties are accurately represented in the corrected lease description. It is important to consult with legal professionals experienced in oil and gas transactions to prepare and properly execute Travis Texas Correction Assignment of Overriding Royalty Interest Correcting Lease Description to ensure compliance with applicable laws and regulations.
Travis Texas Correction Assignment of Overriding Royalty Interest Correcting Lease Description
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An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.
1. n. Oil and Gas Business Ownership in a percentage of production or production revenues, free of the cost of production, created by the lessee, company and/or working interest owner and paid by the lessee, company and/or working interest owner out of revenue from the well.
Overriding royalty interests are an important financing tool for oil and gas companies involved in the exploration and development of oil gas and mineral interests. For investors, they provide an opportunity to participate in mineral production without incurring the costs.
An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.
An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.
A gross overriding royalty entitles the owner to a share of the market price of the mined product as at the time they are available to be taken less any costs incurred by the operator to bring the product to the point of sale.
Legal Definition of overriding royalty : an interest in and royalty on the oil, gas, or minerals extracted from another's land that is carved out of the producer's working interest and is not tied to production costs compare royalty.
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.
If a prepetition overriding royalty interest transaction is characterized as a transfer of real property (i.e., a sale), then the interest has effectively been transferred from the debtor's ownership and is not part of the bankruptcy estate.
