An Oregon Assignment of Overriding Royalty Interest For A Term of Years is a legal document that allows the owner of an overriding royalty interest to assign their rights and interests to another party for a specific period of time. This agreement is commonly used in the oil and gas industry, where the holder of the overriding royalty interest receives a percentage of the revenue generated from the production and sale of oil and gas from a specific lease. Keywords: Oregon, Assignment, Overriding Royalty Interest, Term of Years, legal document, rights and interests, oil and gas industry, revenue, production, lease. There are two main types of Oregon Assignment of Overriding Royalty Interest For A Term of Years: 1. Absolute Assignment: This type of assignment involves the complete transfer of the overriding royalty interest for a specific term of years. The assignee assumes all rights, benefits, and obligations associated with the interest and becomes the new owner of the overriding royalty interest for the designated period. 2. Partial Assignment: In this case, the assignor transfers only a portion or specific percentage of their overriding royalty interest to the assignee for a term of years. The assignor retains ownership of the remaining interest and continues to receive royalties based on the retained portion. When drafting an Oregon Assignment of Overriding Royalty Interest For A Term of Years, it is crucial to include essential details such as the effective date, the names and addresses of the assignor and assignee, a clear description of the overriding royalty interest being assigned, the term or duration of the assignment, consideration or payment terms, and any conditions or limitations associated with the assignment. Additionally, it is important to specify the governing laws of the assignment, which in this case would be Oregon state laws. Including clauses regarding assignment restrictions, indemnification, default, termination, and dispute resolution mechanisms is advisable to ensure clarity and address any potential issues that may arise during the term of the assignment. Overall, an Oregon Assignment of Overriding Royalty Interest For A Term of Years is a comprehensive legal document that allows for the transfer of overriding royalty interests in the oil and gas industry within the state. It ensures the rights and obligations of both parties are clearly defined and provides a framework for the allocation of royalties for the specified term.
Oregon Assignment of Overriding Royalty Interest For A Term of Years
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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, ...
Overriding Royalty Interest: A given interest severed out of the record title interest or lessee's share of the oil, and not charged with any of the cost or expense of developing or operation. The interest provides no control over the operations of the lease, only revenue from lease production.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
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.
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.
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.
