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

Riverside California Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest

Name: Riverside California 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:

Riverside

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

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.

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.

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.

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.

How Do Overriding Royalty Interest Payments Work? The value of an overriding royalty interest is simple to calculate since it is a percent of the working interest lease. The ORRI value is based on production on the acreage leased by the working interest.

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.

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.

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.

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To leases of fractional interests in the oil and gas underlying those tracts. 2. The Assignor reserves an overriding royalty interest equal to the difference between 80.Fill out the form to access a sample of Practical Guidance. Each form is designed using a MS Word "Fill in the Blank" format. Reserved in a lease. " Royalty owner" means a person who owns a royalty interest. Overriding Royalty Disclosure. Fill in the blanks in the introductory sections and in the signature blocks.

Riverside California Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest

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