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Assignment of Overriding Royalty Interests for Multiple Leases

Philadelphia Pennsylvania Assignment of Overriding Royalty Interests for Multiple Leases

Name: Philadelphia Pennsylvania Assignment of Overriding Royalty Interests for Multiple Leases
Brand: US Legal Forms
Rating: 4.77 (303 reviews)

Category:

Oil Gas and Minerals - Assignments

State:

Multi-State

County:

Philadelphia

Control #:

US-OG-036

Format:

Instant download

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in multiple leases.

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FAQ

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.

Royalty Interest an ownership in production that bears no cost in production. Royalty interest owners receive their share of production revenue before the working interest owners. Working Interest an ownership in a well that bears 100% of the cost of production.

1. n. Oil and Gas Business Ownership in a percentage of production or production revenues, free of the cost of production, created by the lessee, company and/or working interest owner and paid by the lessee, company and/or working interest owner out of revenue from the well.

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.

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.

If a prepetition overriding royalty interest transaction is characterized as a transfer of real property (i.e., a sale), then the interest has effectively been transferred from the debtor's ownership and is not part of the bankruptcy estate.

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.

Overriding Royalty Interest (ORRI) a percentage share of production, or the value derived from production, which is free of all costs of drilling and producing, and is created by the lessee or working interest owner and paid by the lessee or working interest owner.

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5 million in cash and overriding royalty interests on part of the land in two transactions. Our interests are mostly in the form of working interests and, to a lesser extent, royalty and overriding royalty interests.Get free access to the complete judgment in MCROBERTS v.

Philadelphia Pennsylvania Assignment of Overriding Royalty Interests for Multiple Leases

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How do you transfer overriding royalty interest?

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What is an Assignment of Overriding Royalty Interests?

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