Montana Assignment of Overriding Royalty Interests in Multiple Leases refers to a legal document that allows the transfer of overriding royalty interests from one party to another in the state of Montana. Overriding royalty interests refer to a share of the revenue generated from the production of minerals on a leased property, which is separate from the landowner's royalty interest. Several types of Montana Assignment of Overriding Royalty Interests in Multiple Leases exist, including: 1. Assignment of Overriding Royalty Interests for Oil and Gas Leases: This type of assignment specifically pertains to overriding royalty interests related to oil and gas production leases in Montana. It enables the transfer of these interests from one party (assignor) to another (assignee). 2. Assignment of Overriding Royalty Interests in Mineral Leases: This specific type of assignment covers overriding royalty interests associated with leases for various minerals, including coal, iron ore, gold, silver, and other valuable resources found in Montana. 3. Assignment of Overriding Royalty Interests in Multiple Leases: This broader category encompasses assignment documents that involve the transfer of overriding royalty interests related to multiple leases. It offers a more comprehensive approach for parties involved in multiple leasing agreements within the state. The Montana Assignment of Overriding Royalty Interests in Multiple Leases generally includes the following information: 1. Parties Involved: The names and contact details of both the assignor (the party transferring the interests) and the assignee (the party receiving the interests). 2. Effective Date: The date when the assignment becomes legally enforceable. 3. Lease Details: Identification of the specific leases associated with the overriding royalty interests being transferred, including lease numbers, dates, and any relevant legal descriptions. 4. Royalty Interest Details: Detailed information about the overriding royalty interests being assigned, such as the percentage or fraction of the revenue to be received by the assignee. 5. Consideration: The agreed monetary or non-monetary compensation, if any, provided by the assignee to the assignor in exchange for the assignment of overriding royalty interests. 6. Miscellaneous Provisions: Additional clauses may include provisions related to warranties, liabilities, governing law, and dispute resolution mechanisms to ensure the enforceability and validity of the assignment. It is crucial to consult with a legal professional experienced in Montana oil, gas, and mineral laws to ensure the accuracy and compliance of the Montana Assignment of Overriding Royalty Interests in Multiple Leases.
Montana Assignment of Overriding Royalty Interests for Multiple Leases
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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: 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.
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 ...
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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
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.