Illinois Assignment of Overriding Royalty Interest (No Proportionate Reduction) is a legal document that allows an individual or entity to transfer their overriding royalty interest in an oil, gas, or mineral lease located in the state of Illinois to another party. This type of assignment does not require a proportionate reduction of the interest being transferred. An overriding royalty interest (ORRIS) is a type of interest in an oil or gas lease that entitles the holder to a percentage of the revenue generated from the production and sale of oil, gas, or minerals, without any responsibility for the costs associated with exploration, development, or operation of the lease. Overriding royalty interests are often created when a lessor reserves a certain percentage of the lease's revenue for themselves after granting an oil and gas lease to a lessee. The Illinois Assignment of Overriding Royalty Interest (No Proportionate Reduction) typically includes several key elements. Firstly, it identifies the parties involved in the assignment, including the assignor (the current owner of the overriding royalty interest) and the assignee (the individual or entity to whom the interest is being transferred). The legal description of the oil, gas, or mineral lease, as well as the specific overriding royalty interest being assigned, are also stated in the document. Additionally, the assignment may contain provisions regarding the consideration or payment for the transfer of the overriding royalty interest. This may include a lump sum payment or periodic installments, depending on the agreement between the parties. The assignment may also outline any conditions or restrictions attached to the assignment, such as rights of first refusal or limitations on further assignment. It's worth noting that there are no specific types of Illinois Assignment of Overriding Royalty Interest (No Proportionate Reduction). However, variations in the terms, conditions, or considerations of the assignment can differ from case to case. Each assignment is typically tailored to the specific needs and requirements of the parties involved, ensuring that their rights and obligations are clearly defined and protected. In summary, an Illinois Assignment of Overriding Royalty Interest (No Proportionate Reduction) is a legal document used to transfer the ownership of an overriding royalty interest in an oil, gas, or mineral lease located in Illinois. It enables the assignor to relinquish their interest in favor of the assignee without requiring a proportionate reduction. This document plays a vital role in facilitating the transfer of ownership and ensuring that the involved parties' rights and obligations are properly established.
Illinois Assignment of Overriding Royalty Interest (No Proportionate Reduction)
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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.
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.
Overriding royalty interest: Unlike mineral and royalty interests, an overriding royalty interest runs with a lease and not with the land. Therefore, they only remain in effect for as long as a lease is in effect and they expire when a lease expires.
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.
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.
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 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.
Transfer by deed: You can sell your mineral rights to another person or company by deed. Transfer by will: You can specify who you want to inherit your mineral rights in your will. Transfer by lease: You can lease mineral rights to a third party through a lease agreement.