US Legal Forms
Assignment of Overriding Royalty Interest by Working Interest Owner...

Washington Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage

Name: Washington Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage
Brand: US Legal Forms
Rating: 4.75 (231 reviews)

Category:

Oil Gas and Minerals - Assignments

State:

Multi-State

Control #:

US-OG-287

Format:

Instant download

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease and Land. 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.

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.

How to fill out Washington Assignment Of Overriding Royalty Interest By Working Interest Owner, Single Lease, Stated Percentage?

It is possible to invest hrs on the Internet searching for the legitimate file template that fits the federal and state demands you need. US Legal Forms gives a large number of legitimate kinds that are examined by professionals. It is possible to obtain or printing the Washington Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage from our services.

If you already have a US Legal Forms accounts, you are able to log in and click the Download button. Next, you are able to comprehensive, modify, printing, or indication the Washington Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage. Every single legitimate file template you purchase is your own permanently. To acquire an additional backup of the purchased form, proceed to the My Forms tab and click the related button.

If you use the US Legal Forms web site the very first time, adhere to the easy directions under:

First, be sure that you have chosen the proper file template for your region/metropolis of your choosing. See the form outline to make sure you have picked out the proper form. If available, use the Preview button to search from the file template at the same time.
If you want to discover an additional model of the form, use the Research discipline to obtain the template that meets your requirements and demands.
When you have located the template you would like, simply click Buy now to proceed.
Select the rates program you would like, key in your accreditations, and sign up for a merchant account on US Legal Forms.
Total the transaction. You can utilize your Visa or Mastercard or PayPal accounts to purchase the legitimate form.
Select the format of the file and obtain it to your device.
Make changes to your file if possible. It is possible to comprehensive, modify and indication and printing Washington Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage.

Download and printing a large number of file web templates while using US Legal Forms web site, that provides the greatest collection of legitimate kinds. Use skilled and status-specific web templates to take on your company or person demands.

Form Rating

4.75

Satisfied(231)

Form popularity

FAQ

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.

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, ...

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.

How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.

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.

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 ...

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.

Interesting Questions

More info

Record Title: Primary ownership of an interest in an oil and gas lease including the obligation to pay rent, and the right to transfer and relinquish the lease. This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in a Lease and all oil, gas and other minerals ...THIS ASSIGNMENT of OVERRIDING ROYALTY INTEREST (this “Assignment”), effective as of 7:00 a.m. on April 29, 2010 (the “Effective Time”), is made by ZAZA ENERGY, ... Assignor is entitled, through the assignments and agreement identified in Exhibit “A” hereto, to a portion of the overriding royalty interest transferred by the ... A provision usually found in an assignment of an overriding royalty interest (ORRI) that states that the interest will apply to new oil & gas leases and ... Add the Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage for redacting. Click on the New Document button ... BASIC OIL AND GAS FORMS PROGRAM · Declaration of Election to Convert Overriding Royalty Interest to a Working Interest · Declaration that Oil and Gas Lease was ... ROYALTY DEED – A mineral owner conveys the royalty but retains the minerals interest. Grantee owns royalty only, can't execute a lease. 32. Assignments, ... 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 ... [23] Both of the current BLM forms include a box that can be checked to indicate that it is for an overriding royalty interest assignment. [24] 43 CFR ...

Washington Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage

Description

Related forms

How to fill out Washington Assignment Of Overriding Royalty Interest By Working Interest Owner, Single Lease, Stated Percentage?

Show more info

Form Rating

Form popularity

FAQ

How do you value overriding royalty interest?

What is the conveyance of overriding royalty interest?

What is an assignment of overriding royalty interest?

How do you calculate overriding royalty interest?

Is an overriding royalty interest a working interest?

How do I transfer overriding royalty interest?

What is the difference between royalty interest and override?

Interesting Questions

What is an Assignment of Overriding Royalty Interest (ORRI) by Working Interest Owner?

What is a Working Interest Owner?

What is a Single Lease?

What does 'Stated Percentage' mean in the context of an Assignment of Overriding Royalty Interest?

How does an Assignment of Overriding Royalty Interest benefit a Working Interest Owner?

What are the risks associated with an Assignment of Overriding Royalty Interest for the Working Interest Owner?

Can the working interest owner transfer the entire overriding royalty interest?

Are there any tax implications for the working interest owner when assigning an overriding royalty interest?

What happens if the lease is terminated or expires after an Assignment of Overriding Royalty Interest is executed?

Can the working interest owner assign an overriding royalty interest to multiple parties?

More info

Trusted and secure by over 3 million people of the world’s leading companies