West Virginia Assignment of Overriding Royalty Interest - Short Form

State:
Multi-State
Control #:
US-OG-031
Format:
Word; 
Rich Text
Instant download

Description

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

How to fill out Assignment Of Overriding Royalty Interest - Short Form?

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FAQ

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

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. Non-Participating Royalty Interest (NPRI) Endeavor Energy Resources, LP ? 2019/07 Endeavor Energy Resources, LP ? 2019/07 PDF

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. Information and Procedures for Transferring Overriding Royalty ... blm.gov ? article ? Information-and-Procedu... blm.gov ? article ? Information-and-Procedu...

Overriding Royalty Interest (ORRI) A royalty in excess of the royalty provided in the Oil & Gas Lease. Usually, an override is added during an intervening assignment. ORRIs are created out of the working interest in a property and do not affect mineral owners.

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.

To calculate the number of net royalty acres I'm selling, I use this formula: [acres in tract] X [% of minerals owned] X 8 X [royalty interest reserved in lease] X [fraction of royalty interest being sold]. 640 acres X 25% X 8 X 1/4 X 1/2 = 160 net royalty acres. Net Royalty Acres Defined - Oil and Gas Lawyer Blog oilandgaslawyerblog.com ? net-royalty-acre... oilandgaslawyerblog.com ? net-royalty-acre...

Overriding Royalty Interests To calculate the ORRI, multiply the gross production revenue by the ORRI interest percentage, and the figure gotten is what the ORRI owner is entitled to. How to Calculate Oil and Gas Royalty Payments? - Pheasant Energy pheasantenergy.com ? how-to-calculate-oil-... pheasantenergy.com ? how-to-calculate-oil-...

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.

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West Virginia Assignment of Overriding Royalty Interest - Short Form