A North Dakota Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that transfers the ownership of an overriding royalty interest in a non-producing oil and gas lease in North Dakota. This type of assignment allows the assignee to receive a percentage of the revenues derived from the production of oil and gas once the leased property becomes productive. This assignment is specific to a single lease, meaning it applies to a particular piece of land defined by the lease agreement. It is important to note that the assignment reserves the right to pool, which means that the assignor retains the right to participate in the pooling of the leased premises with other lands that may be necessary for efficient and economical production. Keywords: North Dakota, Assignment, Overriding Royalty Interest, Non-Producing, Single Lease, Reserves Right to Pool In addition to the above-described assignment, there could be other variations of North Dakota Assignment of Overriding Royalty Interest, each with specific conditions and terms. Some possible additional types include: 1. North Dakota Assignment of Overriding Royalty Interest (Producing, Multiple Leases, No Pooling): This assignment would pertain to an already producing lease, covering multiple leased properties, where the assignor does not reserve the right to pool. 2. North Dakota Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Participates in Pooling): This assignment would be similar to the initial description, but the assignor chooses to participate in the pooling process by offering their leased premises for the purpose of combining with other lands. 3. North Dakota Assignment of Overriding Royalty Interest (Producing, Multiple Leases, Reserves Right to Pool): This assignment would apply to multiple producing leases, each with its own assigned overriding royalty interest, and the assignor reserves the right to pool these leases if required for efficient production. It is important to consult with legal professionals and assess the specific terms and conditions stated in each assignment agreement, as they may differ depending on individual circumstances and the intentions of the parties involved. Keywords: North Dakota, Assignment, Overriding Royalty Interest, Non-Producing, Single Lease, Reserves Right to Pool, Producing, Multiple Leases, No Pooling, Participates in Pooling.
North Dakota 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 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.
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.
: an interest in and royalty on the oil, gas, or minerals extracted from another's land that is carved out of the producer's working interest and is not tied to production costs compare royalty.
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, ...
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.
