POSC Specifications Version 3.0 |
Epicentre Standard Values ref_interest_designation |
identifier | description | source _reference | source | version | status |
---|---|---|---|---|---|
ref _version .identifier | |||||
working interest | The rights granted to the lessee of a property to explore for, and produce and own, oil, gas, or other minerals. | PIDD | POSC | epicentre 2.1 | current |
net working interest | A working interest owner's gross working interest in production, less the related royalty, overriding royalty, production payement, and net profits interests. | PIDD | POSC | epicentre 2.1 | current |
net profits interest | An interest in a property which entitles the owner to receive a stated percentage of the net profit as defined in the instrument creating the interest. It is carved out of the working interest. | PIDD | POSC | epicentre 2.1 | current |
carried working interest | An agreement under which one party agrees to pay a portion or all of the development and operating costs applicable to the working interest owned by another party. The first party has the right to recover such costs from the other party's share of the reserves if, as, and when produced from the property. | PIDD | POSC | epicentre 2.1 | current |
convertible working interest | The working interest the company can obtain under the contract terms involving a given exploratory well. | PIDD | POSC | epicentre 2.1 | current |
nonoperating interest | An interest other than operating; that is, one that does not bear a share of operating expenses. Examples are royalty, overriding royalty, and oil payment. | Manual of O and G Terms | POSC | epicentre 2.1 | current |
royalty interest | The share of the minerals reserved, free of expense, by a mineral interest owner when leasing the property to another party. | PIDD | POSC | epicentre 2.1 | current |
overriding royalty interest | An economic interest created in addition to the royalty named in the lease. It can be made payable out of all or a fraction of the revenue or production attributable to the net working interest. | PIDD | POSC | epicentre 2.1 | current |
severed royalty interest | A non-expense-bearing interest in the minerals produced and saved from a given tract of land owned by a person other than the surface owner of the premises. The owner of such an interest is entitled to a share of production from wells located on the premises in which he has the interest, free of the costs of production. The owner of a severed royalty interest is usually not entitled to share in bonuses or rentals paid under an oil and gas lease. | Manual of O and G Terms | POSC | epicentre 2.1 | current |