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 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.

Corpus Christi Texas Mineral, Royalty, and Overriding Royalty Conveyance Deed

Name: Corpus Christi Texas Mineral, Royalty, and Overriding Royalty Conveyance Deed
Brand: US Legal Forms
Rating: 4.81 (440 reviews)

Category:

Texas Court Samples - Oil Gas and Minerals - Deeds

State:

Texas

City:

Corpus Christi

Control #:

TX-C159

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Description

Assignor grants and sells to the assignees all mineral rights, royalty rights, and overriding royalty rights acquired by assignor or its predecessors-in-title. The assignment is made with warranty by through and under the Grantor, but no further.

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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.

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.

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.

Mineral rights in Texas are the rights to mineral deposits that exist under the surface of a parcel of property. This right normally belongs to the owner of the surface estate; however, in Texas those rights can be transferred through sale or lease to a second party.

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.

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 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.

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.

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Royalties (royalty carved out of the mineral owner's estate), overriding royalties, and production payments. An overriding royalty interest is safer because it participates in proceeds from sales with no obligations to pay expenses.Facts: P owned surface and certain royalty interests in the oil and gas.

Corpus Christi Texas Mineral, Royalty, and Overriding Royalty Conveyance Deed

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