The Columbus Ohio Conveyance of Overriding Royalty Interest refers to a legal document that transfers the ownership rights of an overriding royalty interest (ORRIS) in oil and gas leases located in Columbus, Ohio. An overriding royalty interest is a specific percentage of the revenue generated from the production and sale of oil and gas, which is separate from and superior to the working interest owner's share. There are various types of Columbus Ohio Conveyance of Overriding Royalty Interest, including the blanket conveyance and the specific conveyance. The blanket conveyance applies to all oil and gas leases within a designated area in Columbus, Ohio, and grants the holder a set percentage of the revenue generated from the production and sale of oil and gas from each lease. On the other hand, a specific conveyance pertains to a single oil and gas lease or a specific group of leases, providing the holder with a predetermined share of the revenue from the mentioned leases. This legal document involves several key elements. Firstly, it identifies the parties involved in the conveyance, including the granter (the current overriding royalty interest holder) and the grantee (the party receiving the overriding royalty interest). Secondly, the document specifies the consideration for the transfer of the overriding royalty interest, which can be in the form of monetary compensation or other negotiated terms. Additionally, the Columbus Ohio Conveyance of Overriding Royalty Interest outlines the specific percentage or fraction of the overriding royalty interest being conveyed. It may also include any limitations or restrictions on the royalties, such as carve-outs or exclusions for specific types of activities or expenses. For example, the document may mention that the grantee does not have a right to receive overriding royalties on production used for drilling and operating wells. The conveyance will also detail any conditions that need to be satisfied for the transfer to be valid, such as obtaining necessary approvals or consents from the oil and gas leaseholders. It may also include provisions related to the duration of the overriding royalty interest, including any terms for termination or extension. In summary, the Columbus Ohio Conveyance of Overriding Royalty Interest is a legal document that transfers ownership rights of an overriding royalty interest in oil and gas leases in Columbus, Ohio. It encompasses different types of conveyances, such as blanket conveyances and specific conveyances, each varying in terms of the leases covered. The document includes important information regarding the parties involved, consideration, percentage of override, limitations, conditions, and duration of the overriding royalty interest.
Columbus Ohio Conveyance of Overriding Royalty Interest
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