The form is used when the Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all of the oil, gas and other minerals produced, saved and marketed from the Lease equal to a pecentage of 8/8 (the Override ).
The South Carolina Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction can have several types based on different scenarios and circumstances. Here is a detailed description of what this type of assignment entails. When an oil and gas lease is in effect, it grants the lessee the right to explore and produce oil, gas, and other minerals from the specified property. The overriding royalty interest (ORRIS) refers to a portion of the lease's royalty, which is carved out and granted separately from the lessor's royalty interest. This ORRIS can be assigned by the overriding royalty interest owner to another party, known as the assignee. In the South Carolina Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction, the assignor (overriding royalty interest owner) transfers their ORRIS to the assignee, without any proportional reduction in the assignee's ORRIS. This type of assignment is common when the assignor wants to completely divest themselves of the ORRIS and transfer it to another party without diminishing its value or interest. Keywords: South Carolina, Assignment of Overriding Royalty Interest, Overriding Royalty Interest Owner, No Proportionate Reduction, oil and gas lease, overriding royalty interest, assignee, assignor, divestment, oil, gas, minerals, property.The South Carolina Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction can have several types based on different scenarios and circumstances. Here is a detailed description of what this type of assignment entails. When an oil and gas lease is in effect, it grants the lessee the right to explore and produce oil, gas, and other minerals from the specified property. The overriding royalty interest (ORRIS) refers to a portion of the lease's royalty, which is carved out and granted separately from the lessor's royalty interest. This ORRIS can be assigned by the overriding royalty interest owner to another party, known as the assignee. In the South Carolina Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction, the assignor (overriding royalty interest owner) transfers their ORRIS to the assignee, without any proportional reduction in the assignee's ORRIS. This type of assignment is common when the assignor wants to completely divest themselves of the ORRIS and transfer it to another party without diminishing its value or interest. Keywords: South Carolina, Assignment of Overriding Royalty Interest, Overriding Royalty Interest Owner, No Proportionate Reduction, oil and gas lease, overriding royalty interest, assignee, assignor, divestment, oil, gas, minerals, property.
