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What does overriding royalty interest mean?

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.

How do you value oil and gas rights?

The convention is to simply multiply the trailing 12-month cash flow figure generated by the subject property or collection of properties by three (3) and the result presumably represents the market value of such properties.

What does overriding royalty mean?

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

What is an assignment of overriding royalty interest?

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.

What does Orri stand for in 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.

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