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 w▇▇▇▇ 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 w▇▇▇▇ 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 O▇▇▇▇ 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 O▇▇▇▇ to be sent directly to the bank account of the Executive or his selected entity.
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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 w▇▇▇▇ after July 26, 2022 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 w▇▇▇▇ 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 O▇▇▇▇ assigned either in the Executive’s name or an entity selected by the Executive. Executive may specify, either in the Division Order division order or through the Midstream Carriermidstream carrier, to have the monthly proceeds from the assigned O▇▇▇▇ to be sent directly to the bank account of the Executive or his selected entity.
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