Nebraska Assignment of Overriding Royalty Interests in Multiple Leases is a legal document that transfers the rights to a portion of the royalties from multiple leases in Nebraska to another party. This document is commonly used in the oil and gas industry when an owner or operator wants to assign a percentage of their overriding royalty interests to another individual or entity. The Nebraska Assignment of Overriding Royalty Interests in Multiple Leases is typically utilized when there are multiple leases involved, each with its own specific terms and conditions. These leases may pertain to different oil or gas wells located within the state of Nebraska. With this assignment, the assignor — the current owner of the overriding royalty interests — agrees to transfer a specific percentage or portion of their royalty interests to the assignee. The assignee becomes the new recipient of these overriding royalty interests and is entitled to receive a corresponding percentage of the royalties generated from these leases. It's important to note that there can be different types of Nebraska Assignment of Overriding Royalty Interests in Multiple Leases, depending on the specific terms negotiated between the assignor and assignee: 1. Fixed Percentage Assignment: This type involves the assignor transferring a fixed percentage of their overriding royalty interests to the assignee. For example, if the assignor owns a 10% overriding royalty interest in multiple leases, they may choose to assign 5% to the assignee. 2. Proportional Assignment: In this scenario, the assignor and assignee agree on assigning a proportional share of the overriding royalty interests based on the total amount of royalty interests owned by the assignor across all leases. For instance, if the assignor owns a total of 50% overriding royalty interests across multiple leases, and they wish to assign 25% to the assignee, both parties would agree that the assignee receives half of the assignor's total overriding royalty interests. 3. Time-limited Assignment: This type of assignment limits the duration of the overriding royalty interests transferred to the assignee. The assignor may choose to assign their royalty interests in a specific period, after which they will revert to the assignor automatically. 4. Specific Lease Assignment: Instead of assigning overriding royalty interests from multiple leases, this type focuses on transferring those interests from a single lease. The assignor may single out a specific lease and assign a portion of their royalty interests to the assignee. In conclusion, the Nebraska Assignment of Overriding Royalty Interests in Multiple Leases is a legal document used to transfer a portion of royalty interests from multiple leases to another party. The specific terms and conditions of the assignment can vary, including fixed percentage, proportional, time-limited, or specific lease assignments.
Nebraska 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, ...
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
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.
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.
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.
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.
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.