A Wyoming Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that allows an individual or entity to transfer their overriding royalty interest in a non-producing oil or gas lease located in Wyoming. This type of assignment also reserves the right to pool the royalty interest with other leases if needed. Keywords: Wyoming, Assignment of Overriding Royalty Interest, Non-Producing, Single Lease, Reserves Right to Pool There are different types of Wyoming Assignment of Overriding Royalty Interest, and they can vary based on specific requirements or conditions. Some common variations include: 1. Wyoming Assignment of Overriding Royalty Interest (Producing): This type of assignment is used when the lease is already producing oil or gas. It allows the transfer of the overriding royalty interest to another party while ensuring the right to pool, combining the royalty interest with other leases, is preserved. 2. Wyoming Assignment of Overriding Royalty Interest (Multiple Leases): Unlike the single lease version, this assignment applies when the overriding royalty interest encompasses multiple leases. It allows the owner to transfer the interest while maintaining the right to pool these multiple leases if required. 3. Wyoming Assignment of Overriding Royalty Interest (Reserves Right to Pool): This type of assignment is similar to the original one mentioned, but it emphasizes the preservation of the right to pool the royalty interest if the need arises. It is used for non-producing leases and ensures flexibility in combining the interest with other leases for maximum efficiency and profitability. In summary, a Wyoming Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that facilitates the transfer of an overriding royalty interest in a non-producing Wyoming oil or gas lease while reserving the right to pool the royalty interest with other leases if necessary. Different types of assignments include variations for producing leases, multiple leases, and assignments that specifically reserve the right to pool.
Wyoming Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)
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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, ...
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.
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.
: an interest in and royalty on the oil, gas, or minerals extracted from another's land that is carved out of the producer's working interest and is not tied to production costs compare royalty.
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.
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.
