A Rhode Island Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool is a legal document that transfers the ownership of overriding royalty interests from one party to another. This type of assignment is common in the oil and gas industry, particularly in areas where multiple lease agreements exist, but production has not yet begun. By reserving the right to pool, the assignor retains the option to combine the various leasehold interests into a single production unit. Keywords: Rhode Island, assignment, overriding royalty interest, multiple leases, non-producing, reservation, right to pool, oil and gas industry, leasehold interests, production unit. There are several types of assignments of overriding royalty interests with multiple leases that are non-producing with a reservation of the right to pool, including: 1. Standard Rhode Island Assignment of Overriding Royalty Interest with Multiple Leases: This type of assignment is used when there are multiple lease agreements in place, but none of them are currently producing. The assignor transfers their overriding royalty interests to the assignee, while reserving the right to pool the leases in the future. 2. Rhode Island Assignment of Overriding Royalty Interest with Multiple Leases and Reserved Royalty: In this variation, the assigning party not only transfers the overriding royalty interests to the assignee but also reserves a portion of the royalty payments for themselves. This arrangement allows the assignor to receive a portion of the royalties even if the leases are non-producing. 3. Rhode Island Assignment of Overriding Royalty Interest with Multiple Leases and Partial Reservation of the Right to Pool: This type of assignment allows the assignor to reserve the right to pool only a portion of the leases, while transferring the overriding royalty interests in the remaining leases to the assignee. This arrangement can be tailored to specific circumstances where some leases are deemed more promising for future production. 4. Rhode Island Assignment of Overriding Royalty Interest with Multiple Leases and Right to Pool at Assignor's Discretion: In this scenario, the assignor retains the right to pool the leases at their discretion, without any specific reservation. This type of assignment provides maximum flexibility for the assignor, allowing them to assess the leasehold interests' potential before deciding to combine them into a single production unit. Each of these Rhode Island Assignments of Overriding Royalty Interest with Multiple Leases that are non-producing with a reservation of the right to pool serves to transfer ownership of royalty interests while considering the future development potential of the leases. It's important to consult with legal professionals familiar with Rhode Island's laws and specific lease agreements to ensure compliance and protection of rights when creating such assignments.
Rhode Island Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool
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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.
Like Royalty Interest (RI), an ORRI ends when the oil and gas lease ends. ORRI and MI/RI (mineral/royalty) interests in the same tract of land may be valued differently. Unlike the mineral interest, which lasts in perpetuity, overriding royalties expire with the lease.
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 agreement is a contract that gives an entity the right to receive revenue from certain productions or sales. The specific type of occurence that royalties are required to be paid on is included in the overriding royalty agreement.
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.
An override provision allows for ongoing royalty payment on future albums, sometimes including those not produced by the original producer.
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.
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, ...
