Arizona Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form An Arizona Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document used in Arizona to transfer the ownership of an overriding royalty interest (ORRIS) from a working interest owner to another party. This long-form version provides additional detailed provisions and a limited warranty. Keywords: Arizona, assignment, overriding royalty interest, working interest, multiple leases, limited warranty, long form, legal document. Types of Arizona Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form: 1. Assignment of Overriding Royalty Interest with Limited Warranty — Long Form: This type of assignment includes detailed provisions and a limited warranty for the transfer of an overriding royalty interest out of a working interest. It ensures the assignee receives the ORRIS, without providing a broad warranty of title. 2. Assignment of Overriding Royalty Interest with Specific Clauses — Long Form: This variation of the long-form assignment includes specific clauses tailored to the unique circumstances of the parties involved. It allows for customization and addresses specific concerns, such as lease restrictions or additional warranties. 3. Assignment of Overriding Royalty Interest with Multiple Leases and Comprehensive Warranty — Long Form: This type of assignment provides a comprehensive warranty, guaranteeing the assignee's full ownership rights over the overriding royalty interest, considering multiple leases. It offers greater protection to the assignee by warranting title against any and all claims. 4. Assignment of Overriding Royalty Interest for Specific Leases — Long Form: This variation limits the assignment of the overriding royalty interest to specific leases rather than multiple leases. It is suitable when the transfer involves only a subset of leases related to the working interest. 5. Assignment of Overriding Royalty Interest with Enhanced Provisions — Long Form: This version of the long-form assignment includes additional provisions and clauses that enhance the rights, obligations, and responsibilities of both parties involved in the transfer. It may cover matters such as confidentiality, dispute resolution methods, or non-compete agreements. These different types of Arizona Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form allow for flexibility and customization based on the specific circumstances and requirements of the parties involved in the transaction.
Arizona Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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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.
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.
Calculating Overriding Royalty Interest An ORRI is a straight percentage. For example, a 2% override would appear on the royalty statement as 0.02 interest in the proceeds from the sale of the leased hydrocarbons.
ORRIs are created out of the working interest in a property and do not affect mineral owners. An overriding royalty interest (ORRI) is often kept or assigned to a geologist, landman, brokerage, or any entity that was able to reserve an interest in the properties.
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.
Overriding Royalty Interest Conveyance means an assignment, in form and substance acceptable to Lender, pursuant to which Borrower grants in favor of Lender an overriding royalty interest equal to six and one-fourth percent (6.25%) of Hydrocarbons produced, saved and sold or used off the premises of the relevant Lease, ...
An overriding royalty interest (ORRI) is an interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.
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.