A Tennessee Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that pertains to the transfer or assignment of a non-producing overriding royalty interest in an oil, gas, or mineral lease located in Tennessee. This type of assignment grants the assignee the right to receive a specific percentage or portion of the royalty payments from any production in the leased property. The assignment specifically refers to a non-producing overriding royalty interest, implying that there is currently no production on the leased property. This means that the assignee will only start receiving royalty payments once production commences. The assignment also specifies that it is applicable to a single lease, indicating that it pertains to a particular lease agreement rather than multiple leases. Furthermore, the assignment includes a provision that reserves the right to pool. Pooling, in this context, refers to the combining of multiple leases or tracts of land in order to form a larger drilling unit. The inclusion of this provision allows the assignee to participate in any future pooling activities related to the assigned lease, ensuring that they retain their royalty interest in the event of pooling operations. Although the description provided focuses on a specific type of Tennessee Assignment of Overriding Royalty Interest, it is important to note that there may be different variations or subcategories depending on specific terms, conditions, or restrictions outlined in different assignments. Some alternative types may include Tennessee Assignment of Overriding Royalty Interest (Producing), Tennessee Assignment of Overriding Royalty Interest (Multiple Lease), or Tennessee Assignment of Overriding Royalty Interest (Restricted Pooling). Each variation may have distinct clauses or provisions tailored to the specific circumstances of the assignment.
Tennessee 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.
To calculate the number of net royalty acres I'm selling, I use this formula: [acres in tract] X [% of minerals owned] X 8 X [royalty interest reserved in lease] X [fraction of royalty interest being sold]. 640 acres X 25% X 8 X 1/4 X 1/2 = 160 net royalty acres.
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 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.
A gross overriding royalty entitles the owner to a share of the market price of the mined product as at the time they are available to be taken less any costs incurred by the operator to bring the product to the point of sale.
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.
Participating Royalty Interest (NPRI) is an interest in oil and gas production which is created from the mineral estate. Like the plain ?royalty interest? it is expensefree, bearing no operational costs of production.
Overriding Royalty Interests To calculate the ORRI, multiply the gross production revenue by the ORRI interest percentage, and the figure gotten is what the ORRI owner is entitled to.
