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Indiana Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form

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Multi-State
Control #:
US-OG-518
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Word; 
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This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in a Lease, convertible to a working interest.
The Indiana Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document used in Indiana to transfer the ownership of a specific portion or percentage of overriding royalty interest rights from the working interest owner to another party. This long-form assignment provides a detailed description of the transfer and includes limited warranties. When it comes to different types of Indiana Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form, there may not be distinct variations in the document itself. However, there can be different scenarios or situations in which this type of assignment is involved. Some possible situations include: 1. Assignment of Overriding Royalty Interest Out of Working Interest: This type of assignment refers to the transfer of a portion of overriding royalty interest from the working interest owner to another party. It can involve one or multiple leases. 2. Assignment of Overriding Royalty Interest with Limited Warranty: In this scenario, the working interest owner provides limited warranties related to their ownership and authority to transfer the overriding royalty interest. This adds a level of assurance to the receiving party. 3. Assignment of Overriding Royalty Interest with Multiple Leases: When there are multiple leases associated with a working interest, this type of assignment specifies the transfer of overriding royalty interest rights from each lease. It ensures that the assignee gains ownership of the respective interests tied to each lease. 4. Assignment with Other Specific Terms: Depending on the specific circumstances and agreements between the parties involved, there can be additional terms or provisions added to the Indiana Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form. These terms may include the effective date of the assignment, consideration or compensation exchanged, and any additional obligations or restrictions. Overall, the Indiana Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a comprehensive legal document used for transferring overriding royalty interest rights in Indiana. It ensures a clear and legitimate transfer of ownership while providing limited warranties to the assignee.

The Indiana Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document used in Indiana to transfer the ownership of a specific portion or percentage of overriding royalty interest rights from the working interest owner to another party. This long-form assignment provides a detailed description of the transfer and includes limited warranties. When it comes to different types of Indiana Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form, there may not be distinct variations in the document itself. However, there can be different scenarios or situations in which this type of assignment is involved. Some possible situations include: 1. Assignment of Overriding Royalty Interest Out of Working Interest: This type of assignment refers to the transfer of a portion of overriding royalty interest from the working interest owner to another party. It can involve one or multiple leases. 2. Assignment of Overriding Royalty Interest with Limited Warranty: In this scenario, the working interest owner provides limited warranties related to their ownership and authority to transfer the overriding royalty interest. This adds a level of assurance to the receiving party. 3. Assignment of Overriding Royalty Interest with Multiple Leases: When there are multiple leases associated with a working interest, this type of assignment specifies the transfer of overriding royalty interest rights from each lease. It ensures that the assignee gains ownership of the respective interests tied to each lease. 4. Assignment with Other Specific Terms: Depending on the specific circumstances and agreements between the parties involved, there can be additional terms or provisions added to the Indiana Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form. These terms may include the effective date of the assignment, consideration or compensation exchanged, and any additional obligations or restrictions. Overall, the Indiana Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a comprehensive legal document used for transferring overriding royalty interest rights in Indiana. It ensures a clear and legitimate transfer of ownership while providing limited warranties to the assignee.

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FAQ

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.

An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.

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.

An overriding royalty agreement is a contract that gives an entity the right to receive revenue from certain productions or sales. The specific type of occurence that royalties are required to be paid on is included in the overriding royalty agreement.

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.

In contrast to a royalty interest, a working interest refers to an investment in an oil and gas operation where the investor does bear some costs for exploration, drilling and production. An investor holding a royalty interest bears only the cost of the initial investment and isn't liable for ongoing operating costs.

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.

What Is Working Interest? Working interest is a term for a type of investment in oil and gas drilling operations in which the investor is directly liable for a portion of the ongoing costs associated with exploration, drilling, and production.

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This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in a Lease, convertible to a working interest. Free ... Declaration of Election to Convert Overriding Royalty Interest to a Working Interest · Declaration that Oil and Gas Lease was Acquired by Agent for Principal.Jun 16, 2023 — You may convey overriding royalty interest on either an Assignment of Record Title Interest (Form 3000-3), a Transfer of Operating Rights (Form ... Record Title: Primary ownership of an interest in an oil and gas lease including the obligation to pay rent, and the right to transfer and relinquish the lease. The Unit is comprised of the lands described on Exhibit A, attached hereto and made a part hereof. The ORRI assigned herein shall burden the interest of ... Shut-in royalty clause: a lease clause that permits the lessee to maintain the lease while there is no production from the premises because wells capable of ... Oct 12, 2021 — A RI is the royalty interest provided on the lease form. A NPRI is a royalty interest carved out of the mineral estate. Best Buddy Cotten. 1 ... For example, assume A receives a 3% overriding royalty interest on an oil and gas lease by assignment dated August 1. 89 16A C.J.S. Deeds §217 (2013). 90 38 ... Sep 14, 2022 — Leases provides that the allocation of royalty interests, the overriding royalty interests and the working interests shall be made by such ... A provision usually found in an assignment of an overriding royalty interest (ORRI) that states that the interest will apply to new oil & gas leases and ...

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Indiana Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form