Illinois Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage In the oil and gas industry, an Assignment of Overriding Royalty Interest (ORRIS) by a Working Interest Owner (WHO) refers to the transfer of a partial royalty interest in a lease to another party. This type of assignment is commonly used in Illinois, where the production of oil and gas plays a significant role in the state's economy. A Single Lease ORRIS assignment implies that the interest being assigned is associated with a specific lease rather than multiple leases. The assignment can include various provisions and stipulations, but one important aspect is the Stated Percentage which outlines the proportion of the royalty interest being transferred. The Illinois Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage can differ based on specific conditions, such as: 1. Fixed Stated Percentage: This type of assignment involves a constant percentage of the overriding royalty interest being conveyed to the assignee. For example, if the assignor holds a 10% ORRIS and assigns a fixed stated percentage of 5%, the assignee will receive a 5% ORRIS. 2. Variable Stated Percentage: In some cases, the stated percentage may vary based on certain conditions. For instance, the assignment might state that the assignee will receive a stated percentage that changes according to the prevailing oil or gas prices or production levels. 3. Fractional Stated Percentage: This type of assignment may involve the transfer of a fractional portion of an overriding royalty interest. For instance, the assignor might convey 50% of their 10% overriding royalty interest, resulting in the assignee receiving a 5% ORRIS. When drafting an Illinois Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage, it is crucial to include essential details such as the legal description of the lease, the exact percentage being assigned, the effective date of the assignment, the assignment term (if applicable), and any rights or limitations on the assigned interests. Additionally, the assignment should clearly address any obligations or responsibilities of the assignor and assignee, such as the requirement to provide notice of any changes in ownership or the duty to share costs or revenues associated with the overriding royalty interest. By utilizing the keywords "Illinois," "Assignment of Overriding Royalty Interest," "Working Interest Owner," "Single Lease," and "Stated Percentage," you can better target the content to readers seeking specific information about this legal instrument within the context of the Illinois oil and gas industry.
Illinois Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage In the oil and gas industry, an Assignment of Overriding Royalty Interest (ORRIS) by a Working Interest Owner (WHO) refers to the transfer of a partial royalty interest in a lease to another party. This type of assignment is commonly used in Illinois, where the production of oil and gas plays a significant role in the state's economy. A Single Lease ORRIS assignment implies that the interest being assigned is associated with a specific lease rather than multiple leases. The assignment can include various provisions and stipulations, but one important aspect is the Stated Percentage which outlines the proportion of the royalty interest being transferred. The Illinois Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage can differ based on specific conditions, such as: 1. Fixed Stated Percentage: This type of assignment involves a constant percentage of the overriding royalty interest being conveyed to the assignee. For example, if the assignor holds a 10% ORRIS and assigns a fixed stated percentage of 5%, the assignee will receive a 5% ORRIS. 2. Variable Stated Percentage: In some cases, the stated percentage may vary based on certain conditions. For instance, the assignment might state that the assignee will receive a stated percentage that changes according to the prevailing oil or gas prices or production levels. 3. Fractional Stated Percentage: This type of assignment may involve the transfer of a fractional portion of an overriding royalty interest. For instance, the assignor might convey 50% of their 10% overriding royalty interest, resulting in the assignee receiving a 5% ORRIS. When drafting an Illinois Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage, it is crucial to include essential details such as the legal description of the lease, the exact percentage being assigned, the effective date of the assignment, the assignment term (if applicable), and any rights or limitations on the assigned interests. Additionally, the assignment should clearly address any obligations or responsibilities of the assignor and assignee, such as the requirement to provide notice of any changes in ownership or the duty to share costs or revenues associated with the overriding royalty interest. By utilizing the keywords "Illinois," "Assignment of Overriding Royalty Interest," "Working Interest Owner," "Single Lease," and "Stated Percentage," you can better target the content to readers seeking specific information about this legal instrument within the context of the Illinois oil and gas industry.
