What is overriding royalty interest?

Legal Definition of overriding royalty : an interest in and royalty on the oil, gas, or minerals extracted from another's land that is carved out of the producer's working interest and is not tied to production costs ? compare royalty.

What does overriding royalty interest mean?

Legal Definition of overriding royalty : an interest in and royalty on the oil, gas, or minerals extracted from another's land that is carved out of the producer's working interest and is not tied to production costs ? compare royalty.

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Ohio Conveyance of Overriding Royalty Interest

Toledo Ohio Conveyance of Overriding Royalty Interest

Name: Toledo Ohio Conveyance of Overriding Royalty Interest
Brand: US Legal Forms
Rating: 4.83 (281 reviews)

Category:

Ohio Contracts - Oil Gas and Minerals

State:

Ohio

City:

Toledo

Control #:

OH-LR013

Format:

Instant download

Description

An overriding royalty interest is the right to receive revenue from the production of oil and gas from a well. The overriding royalty is carved out of the lessee's (operator's) working interest and entitles its owner to a fraction of production.

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An Overriding Royalty Interest IORRI), commonly referred to as an override, is a fractional, undivided interest granting the right to receive proceeds from the sale of oil and gas. It is not an interest in the minerals themselves, but rather in the proceeds of the sale of oil and gas.

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.

Overriding royalty interests are an important financing tool for oil and gas companies involved in the exploration and development of oil gas and mineral interests. For investors, they provide an opportunity to participate in mineral production without incurring the costs.

Legal Definition of overriding royalty : an interest in and royalty on the oil, gas, or minerals extracted from another's land that is carved out of the producer's working interest and is not tied to production costs ? compare royalty.

The mineral rights, or interests, after separation from the surface, can be retained or sold as the landowner wishes through a mineral deed or a royalty deed. A deed is also known as a conveyance or reservation.

The Bankruptcy Code defines a production payment as a type of ?term overriding royalty? or ?an interest in liquid or gaseous hydrocarbons in place or to be produced from particular real property that entitles the owner thereof to a share of production, or the value thereof, for a term limited by time, quantity, or

A royalty interest is a property interest that entitles the owner to receive a share of the production revenue. An individual or company that owns a royalty interest does not have to pay for any of the operational costs required to produce the resource, but they still own a portion of the revenue produced.

A royalty interest is a non-possessory real property interest in oil and gas production free of production and operating expenses, which may be created by grant or by reservation or exception.

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S.A. (Euromin), Rio Alto will participate as the owner of various gross overriding royalties and working interests in all acreage situated outside of North. Extent of overriding royalty interests to which the oil and gas.Filled. Statement of bases and considerations. Left The BP-Husky refinery in Toledo, Ohio – in operation since 1919.

Toledo Ohio Conveyance of Overriding Royalty Interest

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What are overriding royalty interests?

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