A West Virginia Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage refers to a legal document that allows the owner of the working interest in an oil, gas, or mineral lease located in West Virginia to assign a portion or percentage of their overriding royalty interest to another party. This assignment typically outlines the terms and conditions under which the working interest owner transfers a specific percentage of the overriding royalty interest to the assignee. Keywords: West Virginia, Assignment, Overriding Royalty Interest, Working Interest Owner, Single Lease, Stated Percentage. There are a few different types or variations of West Virginia Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage that can exist: 1. Fixed Percentage Assignment: This type of assignment specifies a fixed percentage of the overriding royalty interest that the working interest owner transfers to the assignee. For example, if the working interest owner has an overriding royalty interest of 10% in a lease, they may assign 5% of that interest to the assignee. 2. Temporary Assignment: Sometimes, a working interest owner may temporarily assign a percentage of their overriding royalty interest to another party for a specific period. This temporary assignment allows the assignee to receive the assigned percentage of the overriding royalty interest for a limited time, after which the interest reverts to the working interest owner. 3. Perpetual Assignment: In contrast to a temporary assignment, a perpetual assignment of overriding royalty interest transfers the stated percentage of interest to the assignee permanently. The assignee will continue to receive their assigned percentage of the overriding royalty interest for the entire duration of the lease or until the assignment is further assigned or extinguished. 4. Partial Assignment: A partial assignment is when the working interest owner assigns a portion or stated percentage of their overriding royalty interest, while retaining the remainder for themselves. This type of assignment allows the working interest owner to share a portion of their interest with the assignee while still retaining an ownership stake. In summary, a West Virginia Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage is a legal document that enables a working interest owner in West Virginia to assign a specific percentage or portion of their overriding royalty interest to another party. This assignment can take various forms, including fixed percentage, temporary, perpetual, or partial assignments, depending on the specific circumstances and intentions of the parties involved.
West Virginia Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage
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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.
An overriding royalty interest (ORRI) is an interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.
Overriding Royalty Interest Example The mineral estate can be severed from the surface, beginning two separate chains of title. The mineral owner has the right to explore and develop the minerals, but the vast majority do not have the finances or knowledge to drill and operate a well.
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 ...
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.
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, ...
