Definitions for "OVERRIDING ROYALTY"
Keywords:  royalty, lessor, lessee, oil, gas
A royalty interest, in addition to the basic royalty, created out of the working interest; it is, therefore, limited in its duration to the life of the lease under which it is created.
A revenue interest in oil and gas, created out of a working interest. Like the lessor's royalty, it entitles the owner to a share of the proceeds from gross production, free of any operating or production costs.
a certain percentage of the working interest which as between the lessee and assignee is not charged with the cost of development or production