Pima Arizona Ratification and Consent to Pooling and / or Unitization by Overriding Royalty Interest Owner

State:
Multi-State
County:
Pima
Control #:
US-OG-114
Format:
Word; 
Rich Text
Instant download

Description

In some jurisdictions (including Texas) an overriding royalty interest owners interest cannot be pooled without the overriding royalty owners consent. This form provides for the overriding royalty interest owner to ratify an existing pooling or unitization to allow the overriding royalty interest to participate in production

Lima Arizona Ratification and Consent to Pooling and/or Unitization by Overriding Royalty Interest Owner is a legal agreement that outlines the terms and conditions for the joining of mineral rights interests in Pima County, Arizona. This agreement is particularly important for overriding royalty interest owners who want to participate in the pooling and unitization of their interests in the extraction of oil, gas, or other minerals. In Pima County, there may be different types of Ratification and Consent to Pooling and/or Unitization agreements, depending on the specific circumstances and parties involved. Some possible variations include: 1. Lima Arizona Ratification and Consent to Pooling: This document focuses solely on the consent to pool mineral rights interests. It outlines the procedures, terms, and obligations of overriding royalty interest owners, allowing them to consolidate their interests with others for the purpose of efficient and coordinated extraction operations. 2. Lima Arizona Ratification and Consent to Unitization: This agreement is specific to the consent to unitize mineral rights interests. Unitization involves combining multiple tracts of land into a single unit or pool, managed and operated as a single entity. This agreement spells out the overriding royalty interest owners' rights, responsibilities, and compensation in the unitized operation. 3. Lima Arizona Ratification and Consent to Pooling and Unitization: This type of agreement incorporates both pooling and unitization aspects. It enables overriding royalty interest owners to consent to both the joining of their interests with others and the subsequent unitization of those consolidated rights. Keywords: Lima Arizona, Ratification and Consent, Pooling, Unitization, Overriding Royalty Interest Owner, minerals, extraction, oil, gas, mineral rights, agreement, consent, terms, obligations, joining interests, pooling procedures, unitization procedures, consolidation, efficient operations, combined tracts, single entity, managing and operating, compensation.

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FAQ

Pooling refers to joining together enough acreage to allow issuance of a drilling permit for a single well. Unitization refers to joining together large areas such as an entire reservoir or field to optimize operations, introduce efficiencies, and reduce costs. Both pooling and unitization can be voluntary or forced.

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 (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.

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.

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.

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.

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.

Overriding Royalty Interest (ORRI) A royalty in excess of the royalty provided in the Oil & Gas Lease. Usually, an override is added during an intervening assignment. ORRIs are created out of the working interest in a property and do not affect mineral owners.

Royalty interest in the oil and gas industry refers to ownership of a portion of a resource or the revenue it produces. A company or person that owns a royalty interest does not bear any operational costs needed to produce the resource, yet they still own a portion of the resource or revenue it produces.

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For the payment of expenses incurred in the abatement of the nuisance. 32. D. The director shall notify the owner or person in charge or control.In addition, we had working interest ownership in 31 of these wells. Game and Fish Department for completing construction of the Lynx Creek Dam. The Company has a 10. Our ownership interest in a venture. 0.300186808366 undersea 0. 300177156973 troubleshooter 0. For the payment of expenses incurred in the abatement of the nuisance. 32. D. The director shall notify the owner or person in charge or control.

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Pima Arizona Ratification and Consent to Pooling and / or Unitization by Overriding Royalty Interest Owner