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Assignment and Conveyance of Overriding Royalty Interest

Texas Assignment and Conveyance of Overriding Royalty Interest

Name: Texas Assignment and Conveyance of Overriding Royalty Interest
Brand: US Legal Forms
Rating: 4.71 (436 reviews)

Category:

Oil Gas and Minerals - Assignments

State:

Multi-State

Control #:

US-OG-280

Format:

Instant download

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee all of Assignor's overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease.

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FAQ

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.

How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.

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.

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, ...

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.

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A sample of a complete proportionate reduction clause is: The overriding royalty interest assigned herein shall be proportionately reduced to the extent that ... by P OWEN · Cited by 3 — This case involves a written assignment of an overriding royalty interest in minerals produced from land in Wheeler County. The assignment ...Record Title: Primary ownership of an interest in an oil and gas lease including the obligation to pay rent, and the right to transfer and relinquish the lease. For and in consideration of good and valuable consideration paid by Assignee to Assignor, the receipt and sufficiency of which are hereby acknowledged, Assignor ... Dec 8, 2011 — During the term of the Production Payment, (a) Working Interest Owner will not mortgage, pledge or hypothecate the Subject Interests or create ... A sample assignment of a fixed percentage overriding royalty interest in and to a single oil and gas lease with an emphasis on Texas law. This form is used by the Assignor to transfer, assign, and convey to Assignee all of Assignor's overriding royalty interest in a Lease and all oil, ... BASIC OIL AND GAS FORMS PROGRAM · Declaration of Election to Convert Overriding Royalty Interest to a Working Interest · Declaration that Oil and Gas Lease was ... The term "nonoperating interest" should be carefully defined to include overriding royalties, production payments, net profits interests, convertible interests, ... APPENDIX A: Sample Form 1 (Operator Favorable): Assignment of Overriding Royalty Interest ... do hereby BARGAIN, SELL, TRANSFER, CONVEY and ASSIGN unto SOUTH ...

Texas Assignment and Conveyance of Overriding Royalty Interest

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What is an Orri working interest?

What does overriding royalty interest mean?

How do you calculate overriding royalty interest?

What is an assignment of overriding royalty interest?

What is the conveyance of overriding royalty interest?

How do I transfer overriding royalty interest?

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What is Assignment and Conveyance of Overriding Royalty Interest?

Who can assign or convey Overriding Royalty Interest?

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Can an assigned or conveyed Overriding Royalty Interest be further assigned to another party?

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