The Indiana assignment of overriding royalty interests of a percentage of assignor's net revenue interest, after deductions of certain costs — effectively a net profits, is a legal document that outlines the transfer of a portion of the assignor's revenue interest to another party. This assignment allows the assignee to receive a percentage of the assignor's net revenue interest, which is calculated after deducting certain costs. Keywords: Indiana assignment, overriding royalty interests, net revenue interest, deductions, costs, net profits. There are different types of Indiana assignments of overriding royalty interests of a percentage of assignor's net revenue interest, after deductions of certain costs — effectively a net profits. These variations can be categorized based on their specific clauses or purposes. Here are a few examples: 1. Absolute Assignment of Overriding Royalty Interests: This type of assignment transfers the assignor's overriding royalty interests to the assignee without any restrictions or conditions. 2. Limited Assignment of Overriding Royalty Interests: In this case, the assignor assigns a specific portion or limited duration of their overriding royalty interests to the assignee. This assignment may be subject to certain conditions or limitations. 3. Assignment of Overriding Royalty Interests with Cost-Deductions: This type of assignment includes a provision where specific costs, such as operating expenses or production deductions, are deducted from the assignor's net revenue interest before calculating the assignee's percentage share. 4. Assignment of Overriding Royalty Interests with Multiple Assignees: In certain cases, the assignor may choose to assign their net revenue interest to multiple assignees, each receiving a designated percentage share. This type of assignment ensures that multiple parties benefit from the assignor's revenue interest. 5. Temporary Assignment of Overriding Royalty Interests: This assignment variant temporarily transfers the assignor's overriding royalty interests to the assignee for a specific period or until certain conditions are met. Once the specified conditions or duration expire, the assignor's interests revert to them. It's important to note that these variations can be further customized based on specific agreements between the assignor and assignee, ensuring the assignment aligns with their individual requirements and objectives.
Indiana Assignment of Overriding Royalty Interests of a Percentage of Assignor's Net Revenue Interest, After Deductions of Certain Costs - Effectively A Net Profits
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FAQ
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: A given interest severed out of the record title interest or lessee's share of the oil, and not charged with any of the cost or expense of developing or operation. The interest provides no control over the operations of the lease, only revenue from lease production.
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.
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, ...
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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 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.