Allegheny County, Pennsylvania, is a county located in the southwestern part of the state. It is home to the city of Pittsburgh, the second-largest city in Pennsylvania. With a population of over 1.2 million people, Allegheny County is the most populous county in the state. An "Assignment of Overriding Royalty Interest (By Owner of Override)" refers to the transfer of the right to receive a portion of the profits generated from oil, gas, or mineral production on a particular property. The "override" refers to an interest that is carved out of the working interest, which is typically held by the operator or leaseholder of a property. In Allegheny County, there may be different types of Assignment of Overriding Royalty Interest (By Owner of Override) depending on the specific terms and conditions outlined in the agreement. These variations may include: 1. Fixed Override: In this type of assignment, the overriding royalty interest is a fixed percentage of the gross proceeds from the production. It remains constant regardless of changes in production rates or other factors. 2. Sliding Scale Override: With a sliding scale override, the percentage of the overriding royalty interest can vary based on certain predetermined criteria. These criteria may include production levels, commodity prices, or other factors that may impact revenue generation. 3. Term Override: This type of assignment applies for a specific duration defined in the agreement. It may be limited to a certain number of years or until a specified milestone is reached, such as a predetermined amount of revenue being generated. 4. Area-Specific Override: In some cases, an Override Assignment in Allegheny County may be restricted to a specific geographic area or a particular leasehold interest. This means that the overriding royalty interest only applies to production on those designated properties. It is important to consult with legal and financial professionals when dealing with Assignment of Overriding Royalty Interest (By Owner of Override) agreements in Allegheny County or any other jurisdiction to understand the specific terms and implications of such agreements.
Allegheny Pennsylvania Assignment of Overriding Royalty Interest (By Owner of Override)
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1. n. Oil and Gas Business Ownership in a percentage of production or production revenues, free of the cost of production, created by the lessee, company and/or working interest owner and paid by the lessee, company and/or working interest owner out of revenue from the well.
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.
Royalty interest in the oil and gas industry refers to ownership of a portion of a resource or the revenue it produces. A company or person that owns a royalty interest does not bear any operational costs needed to produce the resource, yet they still own a portion of the resource or revenue it produces.
Overriding Royalty Interest (ORRI) A royalty in excess of the royalty provided in the Oil & Gas Lease. Usually, an override is added during an intervening assignment. ORRIs are created out of the working interest in a property and do not affect mineral owners.
1. n. Oil and Gas Business Ownership in a percentage of production or production revenues, free of the cost of production, created by the lessee, company and/or working interest owner and paid by the lessee, company and/or working interest owner out of revenue from the well.
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.
Royalty Interest ownership of a portion of the resource or revenue produced from the leased property. Typically, the owner of the leased property retains a royalty interest.
Overriding Royalty Interest (ORRI) a percentage share of production, or the value derived from production, which is free of all costs of drilling and producing, and is created by the lessee or working interest owner and paid by the lessee or working interest owner.
An overriding royalty interest (ORRI) is an undivided interest in a mineral lease giving the holder the right to a proportional share (receive revenue) of the sale of oil and gas produced.NRI = Working Interest Royalty Interests. 100 25 = 75 percent (NRI) $1,000,000 $250,000 = $750,000 (monthly NRI)
ORRI means overriding royalty interest, or interest in oil and gas produced at the surface, free of the expense of Production, and in addition to the usual land owner's royalty reserved to the lessor in an oil and gas lease.
