Riverside California Assignment of Overriding Royalty Interest by Multiple Assignors

State:
Multi-State
County:
Riverside
Control #:
US-OG-286
Format:
Word; 
Rich Text
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Description

This form is used when 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).



The Riverside California Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that pertains to the transfer of ownership rights in relation to an oil, gas, or mining operation located in Riverside, California. This assignment involves multiple assignors, meaning that there are multiple parties involved in the transfer of the overriding royalty interest. Keywords: Riverside California, assignment, overriding royalty interest, multiple assignors, oil, gas, mining, transfer, ownership rights. Types of Riverside California Assignment of Overriding Royalty Interest in Multiple Assignors: 1. Conveyance Agreement: This type of assignment involves the transfer of overriding royalty interest from multiple assignors to one or more assignees. The conveyance agreement outlines the terms and conditions of the transfer, including the percentage or proportion of the royalty interest being assigned by each assignor. 2. Conveyance Deed: Similar to a conveyance agreement, a conveyance deed is a written legal document that transfers overriding royalty interest in Riverside, California, from multiple assignors to one or more assignees. The conveyance deed serves as evidence of the assignment and is typically recorded in the county where the property is located. 3. Ratification and Confirmation: In certain cases, multiple assignors may have previously assigned or conveyed their overriding royalty interests to different parties. The ratification and confirmation assignment is an agreement that validates and confirms the previous assignments, ensuring that all assignors are in agreement with the transfers. 4. Partial Assignment: This type of assignment involves a partial transfer of overriding royalty interest in multiple assignors. Each assignor may choose to transfer a specific percentage or proportion of their royalty interest, thereby collectively assigning a combined interest to the assignees. 5. Joint Assignment: In some cases, multiple assignors may choose to jointly assign their overriding royalty interests to one or more assignees. This joint assignment signifies a shared ownership and responsibility for the royalties generated from the oil, gas, or mining operation in Riverside, California. Note: It's important to consult with legal professionals or experts in Riverside, California law to obtain accurate and up-to-date information regarding the specific types and regulations surrounding the Assignment of Overriding Royalty Interest in Multiple Assignors in Riverside, California.

The Riverside California Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that pertains to the transfer of ownership rights in relation to an oil, gas, or mining operation located in Riverside, California. This assignment involves multiple assignors, meaning that there are multiple parties involved in the transfer of the overriding royalty interest. Keywords: Riverside California, assignment, overriding royalty interest, multiple assignors, oil, gas, mining, transfer, ownership rights. Types of Riverside California Assignment of Overriding Royalty Interest in Multiple Assignors: 1. Conveyance Agreement: This type of assignment involves the transfer of overriding royalty interest from multiple assignors to one or more assignees. The conveyance agreement outlines the terms and conditions of the transfer, including the percentage or proportion of the royalty interest being assigned by each assignor. 2. Conveyance Deed: Similar to a conveyance agreement, a conveyance deed is a written legal document that transfers overriding royalty interest in Riverside, California, from multiple assignors to one or more assignees. The conveyance deed serves as evidence of the assignment and is typically recorded in the county where the property is located. 3. Ratification and Confirmation: In certain cases, multiple assignors may have previously assigned or conveyed their overriding royalty interests to different parties. The ratification and confirmation assignment is an agreement that validates and confirms the previous assignments, ensuring that all assignors are in agreement with the transfers. 4. Partial Assignment: This type of assignment involves a partial transfer of overriding royalty interest in multiple assignors. Each assignor may choose to transfer a specific percentage or proportion of their royalty interest, thereby collectively assigning a combined interest to the assignees. 5. Joint Assignment: In some cases, multiple assignors may choose to jointly assign their overriding royalty interests to one or more assignees. This joint assignment signifies a shared ownership and responsibility for the royalties generated from the oil, gas, or mining operation in Riverside, California. Note: It's important to consult with legal professionals or experts in Riverside, California law to obtain accurate and up-to-date information regarding the specific types and regulations surrounding the Assignment of Overriding Royalty Interest in Multiple Assignors in Riverside, California.

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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 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.

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.

ORRI is a non-possessory burden against the NRI. If the working interest owner carves out a 5% ORRI from its 75% NRI, without proportionate reduction, the calculation is (SNRI ORRI = NRI), meaning the working interest owner is left with 70% NRI.

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.

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.

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.

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 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.

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.

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("Lomak" or the "Company") is an independent oil and gas company engaged in the development, exploration and acquisition of oil.

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Riverside California Assignment of Overriding Royalty Interest by Multiple Assignors