Kentucky Assignment of Overriding Royalty Interest — Short Form is a legal document that pertains to the transfer of ownership rights in relation to overriding royalty interests (ORI) in Kentucky. In this assignment, an individual or entity assigns their rights to receive a specific percentage of proceeds from an oil, gas, or mineral lease to another party. The Kentucky Assignment of Overriding Royalty Interest — Short Form serves as a concise and simplified agreement for the transfer of these rights. It outlines the terms and conditions of the assignment, including the parties involved, the percentage of the ORI being assigned, and any additional terms agreed upon between the assignor and assignee. By utilizing this short form, both parties can expedite the process of transferring overriding royalty interests, while ensuring all necessary legal requirements are met. The simplicity of the form allows for an efficient transfer of interests, avoiding the need for complex and lengthy agreements. Although the focus here is on the Kentucky Assignment of Overriding Royalty Interest — Short Form, it's worth noting that there may be variations or different forms available for specific purposes. These could include specialized forms for different types of mineral leases or for assignments involving specific interests, such as coal or natural gas. Potential keywords for this topic could include: — Kentucky Assignment of Overriding Royalty Interest — Short Form assignmenagreementen— - Transfer of ORI rights — Oil and gas leasassignmenten— - Mineral lease assignment — Kentucky ORI agreement variation— - Coal lease assignment form — Natural gas lease assignmenforrrrrrrrm.rm.
Kentucky Assignment of Overriding Royalty Interest - Short Form
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FAQ
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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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 an interest carved out of a working interest.
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.
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.
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.
Typically, NPRIs are created by an express grant or reservation in a deed and are entirely different from a ?leasehold? royalty. The holder of a NPRI has no power to negotiate or execute an oil and gas lease and has no power to enter upon the land to extract the hydrocarbons.
You may convey overriding royalty interest on either an Assignment of Record Title Interest (Form 3000-3), a Transfer of Operating Rights (Form 3000-3a), or on a private assignment. We only require filing of one signed copy per assignment plus a nonrefundable filing fee found at 43 CFR 3000.12.
