The West Virginia Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that outlines the transfer of overriding royalty interests associated with oil, gas, or mineral rights in West Virginia. This assignment, used in non-producing situations, specifically addresses a single lease and reserves the right to pool the royalty interests. Keywords: West Virginia, assignment, overriding royalty interest, non-producing, single lease, reserves right to pool, oil, gas, mineral rights. In West Virginia, there are several types of Assignment of Overriding Royalty Interest (ORRIS) depending on specific circumstances. The Non-Producing, Single Lease, Reserves Right to Pool assignment is one of these types, designed for situations where the lease is not yet in production and the royalty interests can be combined with other interests through pooling. When a person or entity holds overriding royalty interests in West Virginia, they have the right to assign those interests to another party through a legal agreement known as an assignment. This allows the assignee to receive a portion of the royalty payments generated from the production of oil, gas, or minerals on the leased property. The Non-Producing, Single Lease, Reserves Right to Pool assignment is specifically used when the lease is not currently producing any resources. This means that no oil, gas, or minerals are being extracted from the leased property at the time of the assignment. Despite the absence of production, overriding royalty interests can still be transferred through this assignment. Furthermore, the Non-Producing, Single Lease, Reserves Right to Pool assignment also reserves the right to pool the royalty interests. Pooling, also known as unitization, refers to the combining of multiple leased properties or interests into a single drilling unit. This consolidation allows for the efficient extraction of resources and the sharing of costs and revenues among the unitized interests. By reserving the right to pool, the overriding royalty interests assigned through this agreement can be linked to other interests in future pooling operations. This ensures that the assignee maintains a stake in potential production that may arise from pooling activities on the leased property or nearby units. In summary, the West Virginia Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document used to transfer overriding royalty interests in situations where the lease is not in production. The assignment reserves the right to pool the royalty interests, enabling the assignee to participate in future pooling activities. This agreement plays a crucial role in the management and ownership of oil, gas, and mineral rights in West Virginia.
West Virginia Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)
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FAQ
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.
An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.
Royalty interest in the oil and gas industry refers to ownership of a portion of a resource or the revenue it produces. A company or person that owns a royalty interest does not bear any operational costs needed to produce the resource, yet they still own a portion of the resource or revenue it produces.
An overriding royalty agreement is a contract that gives an entity the right to receive revenue from certain productions or sales. The specific type of occurence that royalties are required to be paid on is included in the overriding royalty agreement.
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.
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.
Calculating Overriding Royalty Interest 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 hydrocarbons.
A gross overriding royalty entitles the owner to a share of the market price of the mined product as at the time they are available to be taken less any costs incurred by the operator to bring the product to the point of sale.
