A bankruptcy court’s characterization of a debtor’s pre-petition conveyance of an overriding royalty interest (“ORRI”) has an important effect on whether that ORRI is part of an oil and gas debtor’s bankruptcy estate and, in turn, what rights the ORRI holder has with respect to that interest. If an ORRI conveyance is characterized as the transfer of a real property interest, the conveyance is generally excluded from the debtor’s bankruptcy estate and the ORRI holder’s interest may not be affected by the bankruptcy.