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What is royalty override?

An overriding royalty is an interest in an asset that provides rights of participation which allow the investor to enjoy a royalty that is above and beyond the basic royalty that he or she is entitled to as part of the compensation for the investment.

Is a royalty interest a real property interest?

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.

Whats an overriding 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.

Is an overriding royalty interest real property?

Even so, while term overriding royalty interests may appear to have many characteristics of a loan, they are generally characterized by state law as transfers of interests in real property that have a limited duration or amount.

Is an Orri real property?

The holders of the term ORRI interests moved for summary judgment on the characterization issue, arguing that as a matter of Louisiana state law, a term ORRI is an absolute conveyance of a real property interest.

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