The form is used when the Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all of the oil, gas and other minerals produced, saved and marketed from the Lease equal to a pecentage of 8/8 (the Override ).
In the District of Columbia, an Assignment of Overriding Royalty Interest (ORRIS) by the Overriding Royalty Interest (ORI) owner is a legal transaction that allows for the transfer of a specific portion of the royalty interest in an oil and gas lease to another party. This type of assignment does not require a proportionate reduction in the ORI owner's interest. An ORRIS is a non-operating interest that gives the owner the right to a percentage of the revenue generated from oil and gas production on a property. The ORI owner, also known as the assignor, can choose to assign a portion of their ORRIS to a third party, known as the assignee. It's important to note that there can be different types of District of Columbia Assignment of Overriding Royalty Interest, each with its own unique provisions and conditions. Some possible variations include: 1. Partial Assignment of Overriding Royalty Interest: This type of assignment involves the transfer of only a specific portion of the ORRIS to the assignee. The assignor retains ownership of the remaining interest. 2. Temporary Assignment of Overriding Royalty Interest: In certain cases, an ORI owner may choose to temporarily assign a portion of their interest to an assignee for a specific period. After the defined timeframe, the ORI owner's interest reverts in full. 3. Permanent Assignment of Overriding Royalty Interest: Unlike temporary assignments, a permanent assignment results in the assignee permanently acquiring the assigned portion of the ORRIS. The assignor loses their interest in the assigned portion permanently. 4. Assignment of Overriding Royalty Interest with Proportionate Reduction: In some instances, the assignment may involve a proportionate reduction of the assignor's ORRIS to ensure fairness among all parties involved. This means that the assignor's overall interest decreases proportionally with the assigned portion. However, the District of Columbia Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction refers to a specific type of assignment where the assignor does not experience any reduction in their ORRIS percentage when assigning a portion to the assignee. This type of assignment allows the assignor to maintain their original interest while transferring a specific part to the assignee. When entering into a District of Columbia Assignment of Overriding Royalty Interest in the Overriding Royalty Interest Owner, No Proportionate Reduction, it is essential for both parties to carefully review all terms, conditions, and obligations outlined in the assignment agreement. It is advisable to seek legal counsel to ensure all parties' rights and interests are protected during the transaction.In the District of Columbia, an Assignment of Overriding Royalty Interest (ORRIS) by the Overriding Royalty Interest (ORI) owner is a legal transaction that allows for the transfer of a specific portion of the royalty interest in an oil and gas lease to another party. This type of assignment does not require a proportionate reduction in the ORI owner's interest. An ORRIS is a non-operating interest that gives the owner the right to a percentage of the revenue generated from oil and gas production on a property. The ORI owner, also known as the assignor, can choose to assign a portion of their ORRIS to a third party, known as the assignee. It's important to note that there can be different types of District of Columbia Assignment of Overriding Royalty Interest, each with its own unique provisions and conditions. Some possible variations include: 1. Partial Assignment of Overriding Royalty Interest: This type of assignment involves the transfer of only a specific portion of the ORRIS to the assignee. The assignor retains ownership of the remaining interest. 2. Temporary Assignment of Overriding Royalty Interest: In certain cases, an ORI owner may choose to temporarily assign a portion of their interest to an assignee for a specific period. After the defined timeframe, the ORI owner's interest reverts in full. 3. Permanent Assignment of Overriding Royalty Interest: Unlike temporary assignments, a permanent assignment results in the assignee permanently acquiring the assigned portion of the ORRIS. The assignor loses their interest in the assigned portion permanently. 4. Assignment of Overriding Royalty Interest with Proportionate Reduction: In some instances, the assignment may involve a proportionate reduction of the assignor's ORRIS to ensure fairness among all parties involved. This means that the assignor's overall interest decreases proportionally with the assigned portion. However, the District of Columbia Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction refers to a specific type of assignment where the assignor does not experience any reduction in their ORRIS percentage when assigning a portion to the assignee. This type of assignment allows the assignor to maintain their original interest while transferring a specific part to the assignee. When entering into a District of Columbia Assignment of Overriding Royalty Interest in the Overriding Royalty Interest Owner, No Proportionate Reduction, it is essential for both parties to carefully review all terms, conditions, and obligations outlined in the assignment agreement. It is advisable to seek legal counsel to ensure all parties' rights and interests are protected during the transaction.
