A Washington Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage is a legal agreement that transfers the rights and interests in a working interest to another party, while reserving a specified percentage of the overriding royalty interest. This type of assignment is commonly used in oil and gas leases, where the working interest owner wishes to assign a portion of their rights to another party. Keywords: 1. Washington Assignment: This refers to the process of transferring rights and interests in a legal agreement involving properties located in the state of Washington. 2. Overriding Royalty Interest: It refers to a type of royalty interest that is carved out of the working interest. The overriding royalty interest holder is entitled to a percentage of the revenue generated from the lease. 3. Working Interest Owner: The party who holds the rights to explore, develop, and produce oil and gas from a leased property. They have the obligation to cover the operating expenses associated with the lease. 4. Single Lease: Refers to a specific lease agreement that is assigned or transferred. 5. Stated Percentage: Refers to the specified percentage of the overriding royalty interest that is reserved by the working interest owner. This percentage determines the portion of revenue the working interest owner will continue to receive. Types of Washington Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage: 1. Partial Assignment with a Fixed Stated Percentage: In this type of assignment, the working interest owner transfers a specific portion of their rights and interests under a single lease to another party, while reserving a fixed stated percentage of the overriding royalty interest. 2. Full Assignment with a Floating Stated Percentage: This type of assignment involves the complete transfer of the working interest owner's rights and interests in a single lease to another party. However, the stated percentage of the overriding royalty interest may vary depending on the revenue generated from the lease. 3. Specific Tract Assignment with Variable Stated Percentage: In this variation, specific tracts or portions of the leased property are assigned to another party, with a variable stated percentage of the overriding royalty interest. The percentage may be adjusted based on the production levels or other agreed-upon criteria. Overall, a Washington Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage allows for the transfer of rights and interests in a working interest while reserving a stated percentage of the overriding royalty interest in a specific lease agreement.
Washington Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage
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FAQ
There are three main types of royalty interests: Overriding royalty interest: Unlike mineral and royalty interests, an overriding royalty interest runs with a lease and not with the land. Therefore, they only remain in effect for as long as a lease is in effect and they expire when a lease expires.
If at any time Assignee desires to transfer or dispose of all or any portion of the Overriding Royalty Interest, Assignee must first give to Assignor written notice thereof stating: (a) the amount of the Overriding Royalty Interest offered by Assignee; (b) the form of consideration (which shall be either cash or a ...
Overriding Royalty Interest (ORRI) 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.
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, ...
What Determines the Value of an Overriding Royalty Interest? Mineral interest location. One in a shale basin with high production is worth more. Producing oil and gas wells. Wells currently producing are valued more. ... Production reserves and levels. ... Prices.
