The Kansas Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that outlines the transfer of overriding royalty interests from a working interest owner to another party within the state of Kansas. This assignment is typically used in situations where there are multiple leases involved, and the transferor wishes to provide a limited warranty regarding the validity of the assigned interests. Keywords: Kansas, assignment, overriding royalty interest, working interest, multiple leases, limited warranty There are a few different types of Kansas Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form, each catering to specific circumstances: 1. Individual Assignment: This type of assignment involves the transfer of overriding royalty interests from a single working interest owner to another party. It may apply to a single lease or multiple leases. 2. Corporate Assignment: In cases where the working interest owner is a corporation, this type of assignment allows for the transfer of overriding royalty interests from the corporation to another entity or individual. 3. Partnership Assignment: Similar to a corporate assignment, this type of assignment applies when the working interest owner is a partnership. It facilitates the transfer of overriding royalty interests to a different party. 4. Limited Warranty Assignment: This variant of the assignment includes an explicit limited warranty clause wherein the transferor provides a guarantee, to some extent, regarding the validity of the assigned overriding royalty interests. 5. Multiple Leases Assignment: In scenarios where the overriding royalty interests are held in relation to more than one lease, this type of assignment specifically addresses the complexities arising from such multiple leases. These various forms of the Kansas Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form ensure that the transfer of overriding royalty interests is executed correctly, with proper legal documentation and protection for all involved parties. It is essential to consult with a legal professional to determine the specific type of assignment that best suits the circumstances and to ensure compliance with relevant Kansas state laws.
Kansas Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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FAQ
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.
Several factors determine the value of an overriding royalty interest in a working lease. They include: Location ? A mineral interest in high producing shale basins will be more valuable. Producing Wells ? Producing wells are valued higher than non-producing wells.
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.
Calculating Overriding Royalty Interest An ORRI is a straight percentage. For example, a 2% override would appear on the royalty statement as 0.02 interest in the proceeds from the sale of the leased hydrocarbons.
Like Royalty Interest (RI), an ORRI ends when the oil and gas lease ends. ORRI and MI/RI (mineral/royalty) interests in the same tract of land may be valued differently. Unlike the mineral interest, which lasts in perpetuity, overriding royalties expire with the lease.
An overriding royalty interest (ORRI) is an interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.
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.
What Is Working Interest? Working interest is a term for a type of investment in oil and gas drilling operations in which the investor is directly liable for a portion of the ongoing costs associated with exploration, drilling, and production.