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 ).
A Virgin Islands Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction is a legal agreement executed in the U.S. Virgin Islands that allows the owner of an overriding royalty interest (ORRIS) to transfer or assign their rights to another party without any reduction or proportionate sharing of the interest. In the oil and gas industry, an overriding royalty interest is a percentage of the proceeds from the sale of oil, gas, or other minerals produced from a specific lease or well. It is typically granted to the landowner or a third party as a non-operating interest, providing a share of the profits to the interest owner without any operational responsibilities. The Virgin Islands Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction is an important legal document that defines the terms of the assignment, including the parties involved, the specific ORRIS being assigned, and any conditions or limitations. This agreement ensures the smooth transfer of the ORRIS rights while preserving the full proportional value for the assignee, without any reduction in their interest. There are various types of Virgin Islands Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction agreements that may be named according to specific circumstances or attributes. Some of these may include: 1. Virgin Islands Assignment of Overriding Royalty Interest in Individual Landowner, No Proportionate Reduction: This refers to an assignment by an individual landowner who owns the ORRIS and transfers the rights without any reduction or sharing of the interest. 2. Virgin Islands Assignment of Overriding Royalty Interest in Corporate Entity, No Proportionate Reduction: In this case, a corporate entity that holds the ORRIS assigns the rights to another party without any proportionate reduction in the interest. 3. Virgin Islands Assignment of Overriding Royalty Interest in Trustee, No Proportionate Reduction: When a trust holds the ORRIS, the trustee can execute an assignment, ensuring that there is no reduction or sharing of the interest. The Virgin Islands Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction is a crucial legal tool in the oil and gas industry, enabling the efficient transfer of ORRIS rights without diminishing the assignee's proportional value. It provides transparency and security for all involved parties, fostering a seamless exchange of interests in the Virgin Islands' mineral rights.
