This form is used when an Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ), reserving the right to pool the assigned interest.
Title: Idaho Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form Explained Introduction: In Idaho, an Assignment of Overriding Royalty Interest (ORRIS) occurs when a party transfers or assigns their right to receive a portion of the overall royalty interest from an oil or gas lease to another entity. In certain cases, the assignor may reserve the right to pool the assigned interest, allowing them to combine the ORRIS with other interests in the future. This article will provide a detailed description of the Idaho Assignment of Overriding Royalty Interest when the Assignor Reserves the Right to Pool the Assigned Interest — Short Form, highlighting its purpose, process, and different types. 1. Purpose of Idaho Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form: The purpose of this short form is to streamline the assignment process, making it less cumbersome and legally complex. It aims to provide clarity and efficiency while allowing the assignor to retain the flexibility of pooling their assigned interest with other oil or gas lease interests. 2. Process of Idaho Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form: a) Identification: The assignor must clearly identify their overriding royalty interest that they intend to assign. b) Contractual Agreement: A written agreement is made between the assignor and assignee, outlining the terms and conditions of the assignment and the reserved right to pool the assigned ORRIS. c) Short Form Document: The parties execute a short form document that reflects the assignment, reserves the right to pool, and includes essential details such as the parties' names, effective date, and legal description of the assigned interest. d) Filing and Recording: The short form document is typically filed and recorded with the appropriate county recorder's office to provide public notice. 3. Types of Idaho Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form: While there may not be distinct types of this short form, it can be tailored to meet the specific needs of the assignor and assignee. Some variations may include: a) Exclusivity: The assignor may choose to grant exclusivity to the assignee, ensuring that no other entities can pool the assigned interest without their consent. b) Time Limitation: The parties may agree on a specific time period during which the assignor can exercise the right to pool, ensuring they don't indefinitely retain the option to combine interests. c) Percentage Allocation: The short form can specify the percentage of the assigned interest that can be pooled, granting the assignor flexibility in determining the extent to which they can combine their overriding royalty interest. Conclusion: The Idaho Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form serves as a concise and efficient tool for assigning an ORRIS while granting the assignor the right to pool their interest with other leases. Its implementation helps facilitate transactions and ensures the assignor retains beneficial options for future activities in the oil or gas industry.Title: Idaho Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form Explained Introduction: In Idaho, an Assignment of Overriding Royalty Interest (ORRIS) occurs when a party transfers or assigns their right to receive a portion of the overall royalty interest from an oil or gas lease to another entity. In certain cases, the assignor may reserve the right to pool the assigned interest, allowing them to combine the ORRIS with other interests in the future. This article will provide a detailed description of the Idaho Assignment of Overriding Royalty Interest when the Assignor Reserves the Right to Pool the Assigned Interest — Short Form, highlighting its purpose, process, and different types. 1. Purpose of Idaho Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form: The purpose of this short form is to streamline the assignment process, making it less cumbersome and legally complex. It aims to provide clarity and efficiency while allowing the assignor to retain the flexibility of pooling their assigned interest with other oil or gas lease interests. 2. Process of Idaho Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form: a) Identification: The assignor must clearly identify their overriding royalty interest that they intend to assign. b) Contractual Agreement: A written agreement is made between the assignor and assignee, outlining the terms and conditions of the assignment and the reserved right to pool the assigned ORRIS. c) Short Form Document: The parties execute a short form document that reflects the assignment, reserves the right to pool, and includes essential details such as the parties' names, effective date, and legal description of the assigned interest. d) Filing and Recording: The short form document is typically filed and recorded with the appropriate county recorder's office to provide public notice. 3. Types of Idaho Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form: While there may not be distinct types of this short form, it can be tailored to meet the specific needs of the assignor and assignee. Some variations may include: a) Exclusivity: The assignor may choose to grant exclusivity to the assignee, ensuring that no other entities can pool the assigned interest without their consent. b) Time Limitation: The parties may agree on a specific time period during which the assignor can exercise the right to pool, ensuring they don't indefinitely retain the option to combine interests. c) Percentage Allocation: The short form can specify the percentage of the assigned interest that can be pooled, granting the assignor flexibility in determining the extent to which they can combine their overriding royalty interest. Conclusion: The Idaho Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form serves as a concise and efficient tool for assigning an ORRIS while granting the assignor the right to pool their interest with other leases. Its implementation helps facilitate transactions and ensures the assignor retains beneficial options for future activities in the oil or gas industry.
