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Assignment of Oil and Gas Leases of all Interest...

Broward Florida Assignment of Oil and Gas Leases of all Interest, Reserving An Overriding Royalty Interest

Name: Broward Florida Assignment of Oil and Gas Leases of all Interest, Reserving An Overriding Royalty Interest
Brand: US Legal Forms
Rating: 4.82 (424 reviews)

Category:

Oil Gas and Minerals - Assignments

State:

Multi-State

County:

Broward

Control #:

US-OG-278

Format:

Instant download

Description

This form is used by an Assignor when he assigns and conveys to Assignee, all of Assignor's rights, title, and interests in an oil and gas lease and reserves 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.

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 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.

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.

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.

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.

Broward Florida Assignment of Oil and Gas Leases of all Interest, Reserving An Overriding Royalty Interest

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What is an overriding royalty interest?

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What is an overriding royalty interest in oil and gas?

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