A North Carolina Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that allows the transfer of a portion of the royalty interest in an oil or gas lease to another party. This assignment is specific to North Carolina and includes various important provisions to safeguard the interests of both the assignor and the assignee. Keywords: North Carolina, assignment, overriding royalty interest, non-producing, single lease, reserves right to pool Different types of North Carolina Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) may include variations based on the specific terms and conditions agreed upon by the involved parties. These variations could include: 1. North Carolina Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool with Minimum Royalty): In this type of assignment, a minimum royalty clause is added to ensure that the assignee receives a specified minimum amount of royalty, even if the production from the leased property is low. 2. North Carolina Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool with Adjusted Royalty): This variation allows for adjustments to the assigned royalty interest based on certain factors such as changes in production volumes, oil or gas prices, or other mutually agreed-upon conditions. 3. North Carolina Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool with Limited Transferability): When parties are concerned about potential unrestricted transfers of the assigned royalty interest, this type of assignment may include restrictions on the assignee's ability to further transfer or assign the interest without the consent of the assignor. 4. North Carolina Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool with Right of First Refusal): In this variation, the assignor reserves the right to offer the assigned royalty interest to the assignee before considering any other potential purchasers, allowing the assignee to have the first opportunity to acquire additional interest in the lease. Regardless of the specific type, a North Carolina Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a comprehensive legal document that outlines the terms, conditions, and provisions for the transfer of royalty interest in the state of North Carolina. It is crucial for all parties involved to carefully review and understand the terms before entering into such an agreement.
North Carolina Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)
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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.
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 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.
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.
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 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, ...
