A Louisiana Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that grants the holder the right to receive a percentage of the revenue generated from oil and gas production on a specific leased property in Louisiana. This assignment is non-producing, meaning that the property is not currently producing any oil or gas. The assignment applies to a single lease, indicating that it only pertains to a specific lease agreement between the property owner, known as the lessor, and the lessee, who has secured the rights to explore and extract oil and gas reserves. The overriding royalty interest is the portion of the revenue that the assignee (the party receiving the assignment) is entitled to, which is generally calculated as a percentage. By reserving the right to pool, the assignee ensures the ability to combine the leased property's resources with nearby properties in a process known as unitization or pooling. Pooling allows for more efficient extraction and increased production by consolidating smaller leaseholds into a larger unit, therefore enabling better utilization of resources. Different types or variations of Louisiana Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) may include: 1. "Louisiana Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) — Mineral Rights": This variant explicitly focuses on the overriding royalty interest related to mineral rights, emphasizing the assignee's entitlement to a share of revenue from oil, gas, or other mineral production. 2. "Louisiana Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) — Shale Play": In cases where the leased property is situated within a shale play, such as the Hayesville Shale, this variation highlights the relevance of the assignment in connection with the particular characteristics and potential of shale formations. 3. "Louisiana Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) — Offshore Leases": This type of assignment is tailored to offshore properties, indicating that the lease is located in Louisiana's coastal waters or federal offshore areas governed by state and federal regulations. It is important to consult with legal professionals familiar with Louisiana oil and gas laws to ensure the accurate drafting, execution, and understanding of the specific terms and conditions of any assignment related to overriding royalty interests in non-producing, single lease properties that reserves the right to pool.
Louisiana Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)
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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.
You can be forced pooled, however, in LA, you cannot be forced to participate (come up with your share in advance), nor can you be penalized for not participating (in that you are not charged more than your share of the well cost for not participating).
To calculate the number of net royalty acres I'm selling, I use this formula: [acres in tract] X [% of minerals owned] X 8 X [royalty interest reserved in lease] X [fraction of royalty interest being sold]. 640 acres X 25% X 8 X 1/4 X 1/2 = 160 net royalty acres.
Overriding Royalty Interests To calculate the ORRI, multiply the gross production revenue by the ORRI interest percentage, and the figure gotten is what the ORRI owner is entitled to.
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.
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.
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 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.
