In Wyoming, an Assignment of Overriding Royalty Interest — Short Form is a legal document that serves to transfer the rights to a portion of the overriding royalty interest from the assignor to an assignee. This type of assignment typically applies to oil and gas exploration and production activities in the state. The Wyoming Assignment of Overriding Royalty Interest — Short Form includes key details of the agreement between the parties involved, ensuring clear and concise communication of rights, obligations, and any additional provisions. The document outlines the specific terms and conditions governing the transfer, creating a record of the overriding royalty interest assignment. Keywords: Wyoming, Assignment of Overriding Royalty Interest, Short Form, oil and gas exploration, production activities, assignor, assignee, rights, obligations, provisions. Different types of Wyoming Assignment of Overriding Royalty Interest — Short Form may include variations based on specific industry requirements or unique circumstances. Some potential variations could be: 1. Assignment of Overriding Royalty Interest — Short Form for Conventional Oil and Gas Leases: This type of assignment is tailored to encompass overriding royalty interests associated with traditional oil and gas leases in Wyoming. 2. Assignment of Overriding Royalty Interest — Short Form for Unconventional Resources: This variation focuses on overriding royalty interests related to unconventional resources' extraction methods such as shale gas or coaled methane reserves. 3. Assignment of Overriding Royalty Interest — Short Form for Horizontal Drilling: This type of assignment specifically deals with overriding royalty interests pertaining to horizontal drilling operations in Wyoming, which have become increasingly common in recent years. 4. Assignment of Overriding Royalty Interest — Short Form for Renewable Energy: In the context of renewable energy sources like wind or solar power, this variation modifies the standard assignment form to address the unique circumstances and regulations associated with these resources. These variations may exist to accommodate the specific nature of the oil and gas industry in Wyoming, or to cater to emerging trends and alternative energy sources, ensuring that the rights and obligations regarding overriding royalty interests are appropriately addressed within the assignment agreement. Keywords: Wyoming, Assignment of Overriding Royalty Interest, Short Form, conventional oil and gas leases, unconventional resources, horizontal drilling, renewable energy, wind power, solar power, emerging trends, alternative energy sources.
Wyoming Assignment of Overriding Royalty Interest - Short Form
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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 ...
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
An overriding royalty interest (ORRI) is an interest carved out of a working interest.
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, ...
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.
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.
