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Assignment of Overriding Royalty Interest - Short Form

Tarrant Texas Assignment of Overriding Royalty Interest - Short Form

Name: Tarrant Texas Assignment of Overriding Royalty Interest - Short Form
Brand: US Legal Forms
Rating: 4.55 (440 reviews)

Category:

Oil Gas and Minerals - Assignments

State:

Multi-State

County:

Tarrant

Control #:

US-OG-031

Format:

Instant download

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee all of Assignor's overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease and Land.

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FAQ

An overriding royalty interest (ORRI) is an undivided interest in a mineral lease giving the holder the right to a proportional share (receive revenue) of the sale of oil and gas produced. The ORRI is carved out of the working interest or lease.

participating royalty interest owner has a right to all or a portion of the royalty from gross production, but does not have the right to execute a lease, receive a bonus or any delay rentals.

Overriding royalty interests are an important financing tool for oil and gas companies involved in the exploration and development of oil gas and mineral interests. For investors, they provide an opportunity to participate in mineral production without incurring the costs.

If a prepetition overriding royalty interest transaction is characterized as a transfer of real property (i.e., a sale), then the interest has effectively been transferred from the debtor's ownership and is not part of the bankruptcy estate.

ORRI is a non-possessory burden against the NRI. If the working interest owner carves out a 5% ORRI from its 75% NRI, without proportionate reduction, the calculation is (SNRI ORRI = NRI), meaning the working interest owner is left with 70% NRI.

An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.

ORRI means overriding royalty interest, or interest in oil and gas produced at the surface, free of the expense of Production, and in addition to the usual land owner's royalty reserved to the lessor in an oil and gas lease.

Overriding Royalty Interest (ORRI) A royalty in excess of the royalty provided in the Oil & Gas Lease. Usually, an override is added during an intervening assignment. ORRIs are created out of the working interest in a property and do not affect mineral owners.

You may convey overriding royalty interest on either an Assignment of Record Title Interest (Form 3000-3), a Transfer of Operating Rights (Form 3000-3a), or on a private assignment. We only require filing of one signed copy per assignment plus a nonrefundable filing fee found at 43 CFR 3000.12.

1. n. Oil and Gas Business Ownership in a percentage of production or production revenues, free of the cost of production, created by the lessee, company and/or working interest owner and paid by the lessee, company and/or working interest owner out of revenue from the well.

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Check out our FAQs about mineral rights and oil and gas royalties. Assignment of overriding royalty interest—Short form, Secondary Sources.What is a Mineral Tax? Mineral taxes present a confusing topic for many people. Located in the same paragraph as the Mother. Hubbard clause, a catch-all for small, overlooked interests.

Tarrant Texas Assignment of Overriding Royalty Interest - Short Form

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What is an assignment of overriding royalty interest?

What is a non participating royalty interest owner?

What are overriding royalties typically used for?

Is an overriding royalty interest real property?

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What is the difference between a royalty interest and an overriding royalty interest?

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What is an Orri?

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What is an overriding royalty interest?

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