Kentucky Assignment of Overriding Royalty Interests in Multiple Leases is a legal document that grants an individual or entity the right to receive a percentage of the revenue generated from multiple leases in the state of Kentucky. This instrument is primarily used in the oil, gas, and mineral industries. The Kentucky Assignment of Overriding Royalty Interests allows individuals to transfer their overriding royalty interests to another party. Overriding royalty interests refer to the percentage of revenue or production value that is carved out of the lessee's interest in the lease. This means that the assignor will receive a specified percentage of the proceeds from the lease, regardless of their ownership in the underlying lease or mineral interest. Some specific types of Kentucky Assignment of Overriding Royalty Interests in Multiple Leases include: 1. Partial Assignment: This type involves transferring only a portion of the assignor's overriding royalty interest. It allows the assignor to retain a percentage while assigning the remaining percentage to the assignee. 2. Full Assignment: With a full assignment, the assignor transfers their entire overriding royalty interest to the assignee. The assignor will no longer have any rights or entitlements related to the assigned lease. 3. Temporary Assignment: In some cases, an overriding royalty interest can be temporarily assigned to the assignee. This means that the assignee will only have the rights to the specified interest for a limited period before it reverts to the assignor. 4. Permanent Assignment: A permanent assignment refers to the transfer of overriding royalty interests that is intended to be permanent and irrevocable. The assignee will have full rights and entitlements to the assigned lease for an indefinite period. It is important to note that the terms and conditions of each assignment can vary depending on the agreement between the assignor and assignee. The Kentucky Assignment of Overriding Royalty Interests in Multiple Leases is an essential legal document that ensures the proper transfer of these interests, safeguarding the rights of both parties involved.
Kentucky Assignment of Overriding Royalty Interests for Multiple Leases
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If at any time Assignee desires to transfer or dispose of all or any portion of the Overriding Royalty Interest, Assignee must first give to Assignor written notice thereof stating: (a) the amount of the Overriding Royalty Interest offered by Assignee; (b) the form of consideration (which shall be either cash or a ...
What Determines the Value of an Overriding Royalty Interest? Mineral interest location. One in a shale basin with high production is worth more. Producing oil and gas wells. Wells currently producing are valued more. ... Production reserves and levels. ... Prices.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
Overriding Royalty Interest Example The mineral estate can be severed from the surface, beginning two separate chains of title. The mineral owner has the right to explore and develop the minerals, but the vast majority do not have the finances or knowledge to drill and operate a well.
Overriding Royalty Interest Conveyance means an assignment, in form and substance acceptable to Lender, pursuant to which Borrower grants in favor of Lender an overriding royalty interest equal to six and one-fourth percent (6.25%) of Hydrocarbons produced, saved and sold or used off the premises of the relevant Lease, ...
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.
There are three main types of royalty interests: Overriding royalty interest: Unlike mineral and royalty interests, an overriding royalty interest runs with a lease and not with the land. Therefore, they only remain in effect for as long as a lease is in effect and they expire when a lease expires.