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.

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Assignment of Overriding Royalty Interest (By Owner of Override)

Hillsborough Florida Assignment of Overriding Royalty Interest (By Owner of Override)

Name: Hillsborough Florida Assignment of Overriding Royalty Interest (By Owner of Override)
Brand: US Legal Forms
Rating: 4.6 (250 reviews)

Category:

Oil Gas and Minerals - Assignments

State:

Multi-State

County:

Hillsborough

Control #:

US-OG-938

Format:

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This form is an assignment of overriding royalty interest by owner of override.

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How Do Overriding Royalty Interest Payments Work? The value of an overriding royalty interest is simple to calculate since it is a percent of the working interest lease. The ORRI value is based on production on the acreage leased by the working 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.

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 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.

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.

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.

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.

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.

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The following change is effective immediately for all Funds: 1. The following replaces "Temporary Investments" in "Potential Conflicts of Interest":.(d) read as follows:"(d) Reimbursement of interest equalization tax. In addition, we have approximately 162,000 net mineral acres leased from others and overriding royalty interests associated with our 2012. Accordingly has concluded that the Demerger Scheme is in the best interests of Arrow Shareholders in the absence of a superior proposal. Able on appeal for palpable and overriding error.

Accordingly, we have decided to reimburse approximately 10 million in interest on approximately 102.4% of our 2013 net income in accordance with the new interest rate structure of Interest on Net Investment Income. The interest payments will be made by the fourth quarter 2014. Effective April 1, 2014, each outstanding arrow shares will be converted into approximately 3.25 new arrow shares. The following is a summary of the interest payments being made under the new scheme:‡(d) After the foregoing amount, in addition, we have received approximately 17 million additional arrow shares under the new scheme which were purchased from holders as part of the 2012 sale of the Emerged Scheme and the 2013 sale of the Emerged Scheme. The amount of interest accrued on the new arrows shares, of which the original holder of 7.4 percent interest receives approximately 8.4 million, is being paid in arrears on each of the last three and fourth quarter 2014.

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Hillsborough Florida Assignment of Overriding Royalty Interest (By Owner of Override)

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