A Virginia Assignment of Overriding Royalty Interest refers to a legal document that transfers the rights to receive a percentage of the royalty payments from an oil or gas lease to another party. This assignment specifically applies to non-producing leases and includes the reserved right to pool. In Virginia, there are various types of Assignment of Overriding Royalty Interests that fall under this category. These include: 1. Non-Producing Assignment of Overriding Royalty Interest: This type of assignment pertains to leases where no production of oil or gas has yet occurred. It allows the assignee to receive a portion of the royalties once production begins. 2. Single Lease Assignment of Overriding Royalty Interest: This type of assignment focuses on transferring the overriding royalty interest from a single lease to another party. It involves the transfer of the right to receive a portion of the royalties from that specific lease. 3. Reserves Right to Pool Assignment of Overriding Royalty Interest: This particular assignment reserves the right to combine or pool multiple leases for the purpose of maximizing oil or gas production. It allows pooling of the overriding royalty interest from different leases into one collective interest. The Virginia Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) document is an essential legal instrument that facilitates the transfer of the rights to receive royalties from non-producing leases while preserving the option to pool multiple leases for increased production potential. This assignment provides an opportunity for investors or other parties to participate in the future profitability of the oil and gas lease. By understanding the specific terms and conditions of this assignment, all parties involved can ensure the proper transfer of rights and the potential for increased revenue in the oil and gas industry in Virginia.
Virginia 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 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.
The owner of a royalty interest receives a portion of the income generated from oil and gas production. Unlike an ORRI, a royalty-interest owner does not have the right to execute leases or collect bonus payments. The RI owner does not bear any operating costs or expenses related to the well.
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.
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, ...
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.
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.
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 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.
