Queens, New York Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool: In Queens, New York, an Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool refers to the legal transfer of the right to receive a portion of the royalty payments from multiple leases in an area that is currently not producing oil or gas. This assignment is often made with the reservation of the right to combine or pool these leases in the future when production becomes viable. Keywords: Queens, New York, assignment, overriding royalty interest, multiple leases, non-producing, reservation, right to pool, oil, gas, production, viable. Different types of Queens, New York Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool may include: 1. Undeveloped Lease Assignment: This type of assignment involves the transfer of overriding royalty interest from multiple non-producing leases in Queens, New York, where the potential for oil or gas production exists. The assignment allows the assignee to collect future royalty payments if and when production commences. 2. Future Pooling Rights Assignment: With this type of assignment, the overriding royalty interest from non-producing leases is transferred while reserving the right to combine or pool these leases in the future when sufficient production becomes feasible. It allows the assignee to benefit from potential pooling opportunities that may arise due to a change in energy market conditions or advances in technology. 3. Non-Producing Lease Portfolio Assignment: This assignment involves the transfer of overriding royalty interest from a portfolio of non-producing leases in Queens, New York. The assignment consolidates the interests and potential royalties from multiple leases, providing the assignee with a diversified investment in the oil and gas sector. 4. Geographic Area Assignment: In this type of assignment, the transfer of overriding royalty interest is based on a specific geographic area in Queens, New York that encompasses multiple non-producing leases. The assignment allows the assignee to gain exposure to potential production and pooling opportunities within that designated area. 5. Offshore Lease Assignment: This assignment specifically relates to the transfer of overriding royalty interest from non-producing leases located offshore in Queens, New York's waters. It may involve assignments in areas such as the Rock away Peninsula, Jamaica Bay, or other offshore locations, with the potential to pool these leases for future production activities. Note: The mentioned types of assignments are hypothetical examples intended to demonstrate the variations that could exist within the context of an Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool in Queens, New York. The actual types and specifics of such assignments may vary depending on the prevailing legal and market conditions.
Queens New York Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool
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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.NRI = Working Interest Royalty Interests. 100 25 = 75 percent (NRI) $1,000,000 $250,000 = $750,000 (monthly NRI)
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.
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.
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.
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.
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.
Participating Royalty Interest (NPRI) is an interest in oil and gas production which is created from the mineral estate. Like the plain royalty interest it is expensefree, bearing no operational costs of production.
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.
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