Overriding Royalty Interest. With respect to the App Energy H-33 well and the next three xxxxx to be drilled thereafter pursuant to the Operating Agreement (provided, however, that if the App Energy H-34 well is further developed before three other xxxxx are drilled, it shall be considered one of such next three xxxxx), the Company shall, within thirty (30) days of drilling each well, deliver to Maximilian with respect to such well a Conveyance of Overriding Royalty Interest in substantially the form attached hereto as Exhibit A (the “Override Agreement”). The overriding royalty interest shall be subject to a 50% reduction, as set forth in each Override Agreement, if the Daybreak Loan Payoff (as defined below) occurs on or prior to the Target Payoff Date (as defined below).
Overriding Royalty Interest. In any assignment of Acquired Interests or of any other Mineral Interests conveyed by Xxxxxxx to Providence pursuant to this Agreement, Xxxxxxx shall reserve an overriding royalty interest equal to the positive arithmetical difference, if any, between 24% of 8/8ths and all royalties, overriding royalties and other lease burdens affecting said Leases as of the date of execution of this Agreement (in the case of Mineral Interests discussed under Clause 2.1(a) above) or as of the date of execution of the underlying lease or other conveyance document pursuant to which the Mineral Interest is acquired (in the case of any other Mineral Interests), as to all oil, gas, casinghead gas and other liquid and gaseous hydrocarbons produced and saved from or attributable to the Leases, proportionately reduced to the leasehold interest on such Lease assigned to Providence hereunder.
Overriding Royalty Interest. The Executive shall be assigned an Overriding Royalty Interest (“ORRI”) or a carried working interest if any ORRI is not able to be assigned to be held in perpetuity from either the Company or its subsidiaries equal to 5.0% in any and all successfully drilled and completed oil and/or gas wxxxx after March 1, 2024, including but not limited to new drills, fracking / re-fracking, re-entry, workover, or re-completion procedures, in addition to any and all externally purchased oil and gas mineral leases, well bores, and existing production either via direct purchases by the Company or its subsidiaries or through mergers and acquisitions by the Company or its subsidiaries during the Term. For avoidance of doubt, any existing producing wxxxx as of March 1, 2024 shall be excluded from the ORRI unless the Company engages in further fracking / re-fracking, re-entry, workover, or re-completion procedures. The Executive may elect to have the OXXXx assigned either in the Executive’s name or an entity selected by the Executive. The Executive may specify, either in the division order or through the midstream carrier, to have the monthly proceeds from the assigned OXXXx to be sent directly to the bank account of the Executive or his selected entity. Other commodities in addition to oil and gas shall be included in the above provisions in the event the Company enters into that line of business. Additionally, if the Company enters into crude oil or other commodity trading business, the Executive shall be eligible for a 5% interest on any net operating income realized by the Company from any such commodity trading businesses, which interest shall apply separately as to each such commodity trading business in the case of multiple commodity trading businesses.
Overriding Royalty Interest. MI agrees to convey to the Agent, for the pro rata benefit of the Lenders based on their respective Percentage Shares at the time of receipt by the Agent of amounts due pursuant to the Assignment of ORRI, on the Closing Date and pursuant to the Assignment of ORRI, the Lenders ORRI. The following provisions are applicable to the Lenders ORRI, notwithstanding the fact that such provisions do not appear in the Assignment of ORRI:
Overriding Royalty Interest. Infinity shall be entitled to retain (or --------------------------- receive, if the Leases are assigned to PGP by the current owner) an overriding royalty interest ("Overriding Royalty Interest") not to exceed 5% of 8/8 in and to production from the Leases assigned to PGP at Closing. The size of the Overriding Royalty Interest in each case shall be determined by subtracting .81 from the Lease Revenue Interest (before reduction by the Overriding Royalty Interest) owned by Infinity (or the LRI (before reduction by the Overriding Royalty Interest) which Infinity otherwise has the right to cause to be assigned to PGP) in such Lease, proportionately reduced to the extent such Lease does not cover 100% of the fee mineral estate in and to the lands covered by such Lease. In the event Infinity is unable to deliver to PGP at Closing a LRI (after reduction by the Overriding Royalty Interest) of at least .81 in any Lease, Infinity shall not be entitled to reserve or acquire as a part of this transaction any Overriding Royalty Interest in and to production from such Lease. Any overriding royalty interest that Coltex Petroleum, Inc. may own in any of the lands covered by the Leases, under any other oil and gas lease covering the same mineral interest as are covered by one or more of the Leases (the "Cortex Overrides"), which may be acquired by Infinity within 12 months after Closing, shall be included within the definition of "Overriding Royalty Interest."
Overriding Royalty Interest. Generally, a fractional Nonoperating Interest in the gross production, or the Gross Proceeds therefrom, of oil and gas and other minerals under a lease, in addition to the usual royalty paid to the lessor, free of any expenses of exploration, development, operation and maintenance. An Overriding Royalty Interest is an interest carved out of the Working Interest, as distinguished from the lessor's reserved Royalty Interest. The main characteristics of an Overriding Royalty Interest are that it is limited to the terms of the lease under which it is created and its duration runs concurrently with the term of such lease. Under a Net Profits Agreement, the Partnership will receive from its companion Operating Partnership Overriding Royalty Interests having the particular characteristics described therein.
Overriding Royalty Interest. Pursuant to the Participation Agreement dated December 1, 2003, by and among Palace Exploration Company, Zxxxx & Txxxxx, Inc., The Oxford Oil Company, and the Company concerning the Cumberland, Mallard and Pintail Prospects (the “Participation Agreement”), the Company reserved an overriding royalty interest (“ORRI”) of three percent (3%) of the Leases (as defined in the Participation Agreement) as an employee overriding royalty (the “Employee Overriding Royalty”). Immediately prior to the closing of the acquisition of the Company contemplated by Recital B. (above) (the “Closing”), and as further identified in Exhibit A attached hereto, the Company shall (i) pay to Employee the percentage of the earnings from the Employee Overriding Royalty that have been accrued by the Company as of the Closing (the “Accrued ORRI Earnings”), in the amount identified in Exhibit A, and (ii) assign to Employee the split and percentage amounts of the Employee Overriding Royalty identified in Exhibit A (the “ORRI Assignment”) and pursuant to the Assignment of Overriding Royalty attached hereto as Exhibit B. Except as described otherwise in this Agreement, in the event the Closing does not occur during the term of this Agreement, the Accrued ORRI Earnings shall not be paid to Employee and the Employee shall not receive the ORRI Assignment, but instead the Accrued ORRI Earnings and ORRI Assignment shall be re-allocated in the sole discretion of the Company’s board of directors.
Overriding Royalty Interest. Upon the commencement of operations for the drilling of the initial well drilled pursuant to this Agreement on each Prospect in which Contango has elected or is obligated to participate, JXX shall be entitled to an assignment or reservation of an overriding royalty interest equal to 2.5% of Contango’s net revenue interest in each Prospect, which overriding royalty interest shall be inclusive of and shall bear the sum of any and all other overriding royalty interests burdening Contango’s net revenue interest in such Prospect that were conveyed or required to be conveyed to other persons or entities who were employed by JXX or engaged as consultants to JXX to assist in JXX’x generation, screening, sourcing and/or acquisition of such Prospect (the “JXX XXXX”). An example calculation of the JXX XXXX is set forth on Schedule 2.2 attached hereto.
Overriding Royalty Interest. Executive shall be assigned an Overriding Royalty Interest (“ORRI”) or a carried working interest if any ORRI is not able to be assigned to be held in perpetuity from either the Company or its subsidiaries equal to 5.0% in any and all successfully drilled and completed oil and/or gas wxxxx after July 26, 2022 including but not limited to new drills, fracking / re-fracking, re-entry, workover, or re-completion procedures, in addition to any and all externally purchased oil and gas mineral leases, well bores, and existing production either via direct purchases by the Company or its subsidiaries or through mergers and acquisitions by the Company or its subsidiaries during the Term. For avoidance of doubt, any existing producing wxxxx as of July 26, 2022 shall be excluded from the ORRI unless the Company engages in in further fracking / re-fracking, re-entry, workover, or re-completion procedures. The Executive may elect to have the OXXXx assigned either in the Executive’s name or an entity selected by the Executive. Executive may specify, either in the Division Order or through the Midstream Carrier, to have the monthly proceeds from the assigned OXXXx to be sent directly to the bank account of the Executive or his selected entity.
Overriding Royalty Interest. As consideration for the rights granted herein by Owner to Operator, Operator shall convey to Owner, or as Owner may otherwise direct, an undivided overriding royalty interest in oil and gas leases affecting the Lands, which overriding royalty interest shall not be proportionately reduced. Such overriding royalty interest shall be conveyed to Owner by a good and recordable assignment, in the form attached hereto as Exhibit B, prior to the commencement of any surface disturbing activities on Owner’s Lands. In the event that Operator acquires leasehold interests in other mineral interests located in or under other lands over which Owner owns the surface estate (including minerals owned by the United States or by the States of Montana or Wyoming), within sixty (60) days after Operator’s acquisition of such additional leasehold interests, Operator shall convey to Owner an overriding royalty interest in such additional leasehold interests equal to one-half of the difference between existing leasehold burdens and twenty percent (20%), but in no event less than which conveyance shall be in the form attached hereto as Exhibit B. Upon the conveyance of such overriding royalty interest to Owner, the scope of this Agreement shall be expanded to include such additional leasehold interests, Exhibit A shall be revised accordingly, and the surface estate over such additional leasehold interests will become part of the Lands.
