Virgin Islands Assignment of Overriding Royalty Interest (No Proportionate Reduction)

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-939
• Format: Word; Rich Text

Description

This form is an assignment of overriding royalty interest with no proportionate reduction. Virgin Islands Assignment of Overriding Royalty Interest (No Proportionate Reduction) is a legal document that outlines the transfer of overriding royalty interest (ORRIS) in the Virgin Islands, a group of islands located in the Caribbean Sea. ORRIS refers to the right to receive a portion of the revenue generated from the production and sale of natural resources, typically oil and gas, from a specific lease or property. This assignment allows the current owner of the ORRIS to transfer their interest to another party, known as the assignee. Unlike other types of assignments, the Virgin Islands Assignment of Overriding Royalty Interest (No Proportionate Reduction) ensures that the assignee will receive the full amount of the royalty interest, without any reduction or sharing with other parties. The assignment details the specific terms and conditions of the transfer, including the percentage of ORRIS being assigned, the effective date, and any additional rights or obligations associated with the interest. It also includes provisions for the termination or assignment of the assignment itself, as well as any necessary consent or approvals from the governing authorities. While the keyword "Virgin Islands Assignment of Overriding Royalty Interest (No Proportionate Reduction)" pertains to a specific type of assignment, it is worth mentioning that there can be variations or subcategories within this context. For instance, there could be assignments that involve a partial transfer of ORRIS instead of full assignment, assignments that include additional considerations or limitations, or assignments specific to certain regions or properties within the Virgin Islands. In conclusion, the Virgin Islands Assignment of Overriding Royalty Interest (No Proportionate Reduction) is a legally binding document that facilitates the transfer of ORRIS in the Virgin Islands without any reduction in the assigned interest. It protects the rights of both the assignor and the assignee, ensuring a clear and comprehensive transfer of royalty interest in the region's natural resource exploration and production activities.

Virgin Islands Assignment of Overriding Royalty Interest (No Proportionate Reduction) is a legal document that outlines the transfer of overriding royalty interest (ORRIS) in the Virgin Islands, a group of islands located in the Caribbean Sea. ORRIS refers to the right to receive a portion of the revenue generated from the production and sale of natural resources, typically oil and gas, from a specific lease or property. This assignment allows the current owner of the ORRIS to transfer their interest to another party, known as the assignee. Unlike other types of assignments, the Virgin Islands Assignment of Overriding Royalty Interest (No Proportionate Reduction) ensures that the assignee will receive the full amount of the royalty interest, without any reduction or sharing with other parties. The assignment details the specific terms and conditions of the transfer, including the percentage of ORRIS being assigned, the effective date, and any additional rights or obligations associated with the interest. It also includes provisions for the termination or assignment of the assignment itself, as well as any necessary consent or approvals from the governing authorities. While the keyword "Virgin Islands Assignment of Overriding Royalty Interest (No Proportionate Reduction)" pertains to a specific type of assignment, it is worth mentioning that there can be variations or subcategories within this context. For instance, there could be assignments that involve a partial transfer of ORRIS instead of full assignment, assignments that include additional considerations or limitations, or assignments specific to certain regions or properties within the Virgin Islands. In conclusion, the Virgin Islands Assignment of Overriding Royalty Interest (No Proportionate Reduction) is a legally binding document that facilitates the transfer of ORRIS in the Virgin Islands without any reduction in the assigned interest. It protects the rights of both the assignor and the assignee, ensuring a clear and comprehensive transfer of royalty interest in the region's natural resource exploration and production activities.