Louisiana Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legally binding document that involves the transfer of overriding royalty interests (ORI's) from the working interest owner to another party. This assignment is specific to the state of Louisiana and encompasses multiple leases and comes with a limited warranty. The Louisiana Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form can be further classified into various types, each differing in terms of the involved parties, lease agreements, and scope of the overriding royalty interests being transferred. Some key types include: 1. Louisiana Assignment of ORI Out of Working Interest — Single Lease: This type of assignment focuses on the transfer of overriding royalty interests from a single lease only. It caters to situations where a party wishes to transfer its ORI's from a specific lease to another individual or entity. 2. Louisiana Assignment of ORI Out of Working Interest — Multiple Leases: This variant involves the transfer of overriding royalty interests from multiple leases simultaneously. It might be relevant when a working interest owner decides to transfer their ORI's for all the leases they hold within a designated area or among various lessees. 3. Louisiana Assignment of ORI Out of Working Interest with Full Warranty: Unlike the limited warranty version, this assignment provides a more comprehensive warranty on the overriding royalty interests being transferred. It assures the assignee that the ORI's are free from any encumbrances, claims, or defects, offering an additional layer of protection. 4. Louisiana Assignment of ORI Out of Working Interest with Partial Warranty: This type of assignment offers a limited warranty, specifying the extent to which the assignor guarantees the validity and freedom from encumbrances of the overriding royalty interests. It may cover select claims or defects, providing some level of assurance to the assignee. In all Louisiana Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form variations, the document outlines the core details such as the names and contact information of both the assignor (current owner) and the assignee, a comprehensive description of the ORI's being transferred, details about the leases involved, terms and conditions of the assignment, and any additional provisions or warranties agreed upon. It is essential to consult legal experts or professionals well-versed in Louisiana oil and gas laws to ensure that the assignment accurately reflects the intentions of the parties involved and fully complies with the applicable regulations.
Louisiana Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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FAQ
A gross overriding royalty entitles the owner to a share of the market price of the mined product as at the time they are available to be taken less any costs incurred by the operator to bring the product to the point of sale.
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.
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.
Overriding Royalty Interest (ORRI) 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.
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.
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.
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.
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, ...