This form is used when an Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ), reserving the right to pool the assigned interest.
In Phoenix, Arizona, an Assignment of Overriding Royalty Interest (ORRIS) is a legally binding document that transfers ownership of a portion of the royalty interest from the assignor to the assignee. The term "ORRIS" refers to the right to receive a percentage of the proceeds generated by oil and gas production on a specific lease or property. When an assignor reserves the right to pool the assigned interest in a short form Assignment of Overriding Royalty Interest, it means that they retain the ability to combine their royalty interest with others in a pooling agreement. This allows for the consolidation of smaller interests into a larger pooled unit, resulting in more efficient and cost-effective extraction of oil and gas resources. There are different variations of Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form in Phoenix, Arizona. These may include the following: 1. Non-Exclusive Pooling: This type of assignment allows the assignor to pool their interest with others, but also grants the assignor the flexibility to negotiate additional pooling agreements with other operators. It provides more freedom in selecting potential partners for maximizing production. 2. Qualified Pooling: Under this arrangement, the assignor reserves the right to pool the assigned ORRIS interest but only with qualified parties that meet specific criteria set by the assignor. This can include conditions related to experience, financial stability, or environmental considerations, ensuring responsible and competent pooling partners. 3. Geographic Pooling: In some cases, an assignor may opt to reserve the right to pool the assigned interest in a specific geographic area or region. This type of Assignment of Overriding Royalty Interest allows the assignor to target and concentrate pooling efforts in areas where potential production is anticipated or ongoing. It provides flexibility in focusing resources where they are most likely to yield significant returns. 4. Limited Time Pooling: This type of assignment permits the assignor to pool their interest for a defined period, after which the assignor may choose to pursue other arrangements or exclude their interest from further pooling. It offers a time-limited opportunity to benefit from pooling agreements without binding the assignor indefinitely. It is essential to consult with legal professionals experienced in oil and gas transactions to ensure the accurate drafting and execution of a Phoenix, Arizona Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form that aligns with the assignor's specific needs and goals.In Phoenix, Arizona, an Assignment of Overriding Royalty Interest (ORRIS) is a legally binding document that transfers ownership of a portion of the royalty interest from the assignor to the assignee. The term "ORRIS" refers to the right to receive a percentage of the proceeds generated by oil and gas production on a specific lease or property. When an assignor reserves the right to pool the assigned interest in a short form Assignment of Overriding Royalty Interest, it means that they retain the ability to combine their royalty interest with others in a pooling agreement. This allows for the consolidation of smaller interests into a larger pooled unit, resulting in more efficient and cost-effective extraction of oil and gas resources. There are different variations of Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form in Phoenix, Arizona. These may include the following: 1. Non-Exclusive Pooling: This type of assignment allows the assignor to pool their interest with others, but also grants the assignor the flexibility to negotiate additional pooling agreements with other operators. It provides more freedom in selecting potential partners for maximizing production. 2. Qualified Pooling: Under this arrangement, the assignor reserves the right to pool the assigned ORRIS interest but only with qualified parties that meet specific criteria set by the assignor. This can include conditions related to experience, financial stability, or environmental considerations, ensuring responsible and competent pooling partners. 3. Geographic Pooling: In some cases, an assignor may opt to reserve the right to pool the assigned interest in a specific geographic area or region. This type of Assignment of Overriding Royalty Interest allows the assignor to target and concentrate pooling efforts in areas where potential production is anticipated or ongoing. It provides flexibility in focusing resources where they are most likely to yield significant returns. 4. Limited Time Pooling: This type of assignment permits the assignor to pool their interest for a defined period, after which the assignor may choose to pursue other arrangements or exclude their interest from further pooling. It offers a time-limited opportunity to benefit from pooling agreements without binding the assignor indefinitely. It is essential to consult with legal professionals experienced in oil and gas transactions to ensure the accurate drafting and execution of a Phoenix, Arizona Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form that aligns with the assignor's specific needs and goals.
