Retained ORRI definition

Retained ORRI has the meaning given in Section 2.2(s).
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Examples of Retained ORRI in a sentence

  • By way of example only, the following is a calculation of the Retained ORRI, assuming the lessor royalties specified in the leases are equal to 16.667%.

  • The Retained ORRI would be equal to 1% + 50% x (100%-16.667%-80%) = 2.667%.

  • Such percentage shall be equal to (a) 1% plus (b) the product of 50% multiplied by (c) 100% less the lessor royalties specified in the leases less 80%; provided that the Retained ORRI shall never be less than 1%.

  • For all existing defined prospects generated outside the Grimly Bear AMI, as shown on Exhibit D to this Agreement, Farmor shall be entitled to an overriding royalty interest on new leases acquired for such prospects calculated in accordance with the formula for the Retained ORRI described in Section 5.3. Subsequent prospects defined or developed after the Parties execute this Agreement shall be jointly owned as provided in this Agreement, and no party shall be entitled to an overriding royalty interest.