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Assignment of Partial Interest in Oil and Gas Lease Reserving An...

King Washington Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest

Name: King Washington Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest
Brand: US Legal Forms
Rating: 4.87 (374 reviews)

Category:

Oil Gas and Minerals - Assignments

State:

Multi-State

County:

King

Control #:

US-OG-266

Format:

Instant download

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee a leasehold interest without reserving an overriding royalty interest.

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FAQ

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.

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.

Overriding Royalty Interest (ORRI) A royalty in excess of the royalty provided in the Oil & Gas Lease. Usually, an override is added during an intervening assignment. ORRIs are created out of the working interest in a property and do not affect mineral owners.

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.

Overriding royalty interests are an important financing tool for oil and gas companies involved in the exploration and development of oil gas and mineral interests. For investors, they provide an opportunity to participate in mineral production without incurring the costs.

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.

A working interest is a type of investment in oil and gas operations. In a working interest, investors are liable for ongoing costs associated with the project but also share in any profits of production. Both the costs and risks of a working interest are extremely high.

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418.1; Rae, Royalty Clauses in Oil and Gas Leases, (1965) 4 Alta. Likewise, a partial transfer of the lessor's interest in the leased land will not affect the rights of the lessee and his assignees;5Keystone Gas Co. v.Assignment of Oil and Gas Lease, where the Assignor retains an ORRI. Each form is designed using a MS Word "Fill in the Blank" format.

King Washington Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest

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What is an override royalty interest?

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What does Orri mean in oil and gas?

What is the difference between overriding royalty interest and royalty interest?

What are overriding royalties typically used for?

What is royalty interest?

What does overriding royalty interest mean?

What is the working interest?

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What is a King Assignment of Partial Interest in Oil and Gas Lease?

What does it mean to reserve an Overriding Royalty Interest (ORRI)?

How does a King Assignment of Partial Interest work with an Overriding Royalty Interest?

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