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Assignment of Partial Interest in Oil and Gas Lease Reserving An...

Partial Interest In Real Estate

Name: Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.87 (374 reviews)

Category:

Oil Gas and Minerals - Assignments

State:

Multi-State

Control #:

US-OG-266

Format:

Instant download

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee a leasehold interest without reserving an overriding royalty interest.

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How to fill out Assignment Of Partial Interest In Oil And Gas Lease Reserving An Overriding Royalty Interest?

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FAQ

The value of an overriding royalty interest is simple to calculate since it is a percent of the working interest lease. The ORRI value is based on production on the acreage leased by the working interest.

An overriding royalty interest is the right to receive revenue from the production of oil and gas from a well. The overriding royalty is carved out of the lessee's (operator's) working interest and entitles its owner to a fraction of production.

Overriding Royalty Interest (ORRI) a percentage share of production, or the value derived from production, which is free of all costs of drilling and producing, and is created by the lessee or working interest owner and paid by the lessee or working interest owner.

1. n. Oil and Gas Business A percentage share of production, or the value derived from production, which is free of all costs of drilling and producing, and is created by the lessee or working interest owner and paid by the lessee or working interest owner.

An Assignment of an Oil, Gas and Mineral Lease is a document in which the original Lessee, and or their successors, assign either all or part of their working interest and/or net revenue interest that they own in that lease. This is leasehold interest. You can also assign or reserve interest in wellbores.

An overriding royalty interest generally entitles the owner of the interest to a specified share of the oil and gas produced under the terms of the lease. In Texas and in many other oil-producing states, overriding royalty interests are generally treated as interests in real estate.

Royalty Interest an ownership in production that bears no cost in production. Royalty interest owners receive their share of production revenue before the working interest owners. Working Interest an ownership in a well that bears 100% of the cost of production.

Partial Interest In Real Estate

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