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Assignment of Overriding Royalty Interest Out of Working Interest...

West Virginia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form

Name: West Virginia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
Brand: US Legal Forms
Rating: 4.64 (418 reviews)

Category:

Oil Gas and Minerals - Assignments

State:

Multi-State

Control #:

US-OG-518

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, convertible to a working interest. A West Virginia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that allows for the transfer of an overriding royalty interest from the working interest owner to another party. This type of assignment is commonly used in the oil and gas industry in West Virginia. It is important to note that there may be variations of this assignment document based on specific circumstances and parties involved. Some different types of West Virginia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form may include assignments between individual landowners, assignments between companies, assignments related to specific oil or gas leases, or assignments with additional clauses for specific considerations.

A West Virginia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that allows for the transfer of an overriding royalty interest from the working interest owner to another party. This type of assignment is commonly used in the oil and gas industry in West Virginia. It is important to note that there may be variations of this assignment document based on specific circumstances and parties involved. Some different types of West Virginia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form may include assignments between individual landowners, assignments between companies, assignments related to specific oil or gas leases, or assignments with additional clauses for specific considerations.

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FAQ

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.

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, ...

An overriding royalty interest (ORRI) is an undivided interest in a mineral lease giving the holder the right to a proportional share (receive revenue) of the sale of oil and gas produced. The ORRI is carved out of the working interest or lease.

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.

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.

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.

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Jun 16, 2023 — You may convey overriding royalty interest on either an Assignment of Record Title Interest (Form 3000-3), a Transfer of Operating Rights (Form ... This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in a Lease, convertible to a working interest. Free ...Indicate the decimal interest each party owns. NOTE: Working, royalty and overriding royalty interest should total 1.0 unless flat rate royalties are involved. The Royalty Interest conveyed hereby is a non-operating, non-expense-bearing ... Section 11.01 Assignment by Assignor Subject to Royalty Interest. (a) Right ... Declaration of Election to Convert Overriding Royalty Interest to a Working Interest · Declaration that Oil and Gas Lease was Acquired by Agent for Principal. Assignor is entitled, through the assignments and agreement identified in Exhibit “A” hereto, to a portion of the overriding royalty interest transferred by the ... by RE Sullivan · 1955 · Cited by 10 — premises by a farm-out agreemnt". Overriding Royalty. An overriding royalty is a certain percentage of the working interest which, as between the lessee and ... The first two columns on the report, shown as ... Indicate the recipient of the working interest, royalty or overriding royalty income in alphabetical order. 1967), 26 O&GR 689, the Supreme Court held that the assignment creating the overriding royalty was not binding upon a “renewal or extension” of the lease. The “shut-in royalty” is a creation of contract designed to prevent the automatic termination of a lease and frequently serves as a substitute for production.

West Virginia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form

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How to fill out West Virginia Assignment Of Overriding Royalty Interest Out Of Working Interest With Multiple Leases And Limited Warranty - Long Form?

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Is an overriding royalty interest a working interest?

What is the conveyance of overriding royalty interest?

What is an assignment of overriding royalty interest?

How do I transfer overriding royalty interest?

What does overriding royalty interest mean?

What is an Orri working interest?

How do you value overriding royalty interest?

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