Montana Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage is a legal agreement that outlines the transfer of a portion of the royalty interest to the working interest owner in a specific oil and gas lease. This type of assignment is commonly used in Montana to allocate the distribution of profits and benefits related to the exploration and production of oil and gas. In this assignment, the working interest owner, who is typically the individual or company responsible for financing drilling and operating activities, agrees to assign a portion of their overriding royalty interest to another party. The overriding royalty interest represents a share of the profits generated from the production of oil and gas on the lease. The assignment includes details about the single lease where the interest is being transferred, such as the lease identifier, geographical location, and legal description. It also states the percentage of the overriding royalty interest being assigned, which could vary depending on the negotiated terms between the working interest owner and the assignee. Different types of assignments in this category may include variations based on specific conditions and agreements between the parties involved. For instance, there could be assignments with fixed percentages for the duration of the lease, or assignments with percentage adjustments based on production levels or other performance indicators. Keywords: Montana, Assignment, Overriding Royalty Interest, Working Interest Owner, Single Lease, Stated Percentage, Oil, Gas, Exploration, Production, Profit, Benefits, Legal Agreement, Transfer, Distribution, Financing, Drilling, Operating Activities, Lease Identifier, Geographical Location, Legal Description, Assignee, Fixed Percentages, Duration, Production Levels, Performance Indicators.
Montana Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage
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FAQ
Royalty Payment Clauses A royalty is agreed upon as a percentage of the lease, minus what was reasonably used in the lessee's production costs. This is stipulated in a Royalty Clause. The royalty is paid by the lessee to the owner of the mineral rights, the lessor in the 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.
The lessee of an oil or gas lease can assign the entire lease or part of it. In other words, the lessee can sell or transfer part of the estate or the entire estate to which they have the working rights. The assignee is assigned the working interest and lease obligations, including override royalty.
Oil and Gas Interest means any oil or gas royalty or lease, or fractional interest therein, or certificate of interest or participation or investment contract relative to such royalties, leases or fractional interests, or any other interest or right which permits the exploration of, drilling for, or production of oil ...
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.
Oil and gas interests are interests in real property and thereby have the same attributes as other real property such as a home or a ranch. Although the ownership of oil and gas interests can take many forms, courts commonly analogize the ownership of oil and gas interests to a bundle of sticks.
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.
Wellbore. An assignment can be limited to the wellbore of a well. A wellbore limitation means that the assignor is assigning only those rights to production from the wellbore of a certain well, arguably at the total depth it existed at the time of the assignment.
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
