Title: Alaska Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage Explained Keywords: Alaska, Assignment, Overriding Royalty Interest, Working Interest Owner, Single Lease, Stated Percentage Introduction: In the vast and resource-rich state of Alaska, the Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage plays a crucial role in the establishment of ownership rights and the distribution of revenues derived from oil, gas, and mineral resources. This article will provide a detailed description of this assignment in Alaska and highlight any related types or variations. Overview of Alaska Assignment of Overriding Royalty Interest: The Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage refers to the transfer of a percentage or portion of the royalty interest from a working interest owner (assignor) to another party (assignee). This assignment aims to allocate specific benefits derived from the lease to the assignee, typically in relation to a single lease. Explanation of Terms: 1. Overriding Royalty Interest: It represents a fractional interest in the revenues generated from minerals or hydrocarbon production, which is separate from the working interest. The overriding royalty interest is not subject to the costs of exploration, development, and production. 2. Working Interest Owner: Refers to an individual or entity that owns an interest in a lease, entitling them to a share of the profits or losses generated from the lease's operation. They are responsible for operational costs, including drilling and maintaining the leasehold. 3. Single Lease: It pertains to a specific lease agreement granted by the state of Alaska, allowing the lessee (assignee) to explore, develop, and produce minerals or hydrocarbons on a designated tract of land or offshore area. 4. Stated Percentage: This term refers to the specific percentage or share of the overriding royalty interest being assigned by the working interest owner to the assignee. The stated percentage outlines the exact portion of future revenue distributions the assignee will receive. Types and Variations: Although no specific alternative types have been explicitly mentioned, there can be certain variations or modifications to the Alaska Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage. These variations may arise due to negotiation between the parties involved and can include adjustments to the percentage allocation, assignment duration, or other contractual terms. Conclusion: The Alaska Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage is a crucial arrangement that facilitates the division of revenue and establishes rights for interested parties involved in oil, gas, and mineral exploration and production in the state. Understanding the key terms and concepts related to this assignment is vital for all parties to ensure transparency and equitable distribution of resources.
Alaska Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage
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FAQ
An overriding royalty interest (ORRI) is an interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
Overriding Royalty Interest: A given interest severed out of the record title interest or lessee's share of the oil, and not charged with any of the cost or expense of developing or operation. The interest provides no control over the operations of the lease, only revenue from lease production.
Overriding Royalty Interest (ORRI) ORRIs are created out of the working interest in a property and do not affect mineral owners. An overriding royalty interest (ORRI) is often kept or assigned to a geologist, landman, brokerage, or any entity that was able to reserve an interest in the properties.
Overriding Royalty Interest Conveyance means an assignment, in form and substance acceptable to Lender, pursuant to which Borrower grants in favor of Lender an overriding royalty interest equal to six and one-fourth percent (6.25%) of Hydrocarbons produced, saved and sold or used off the premises of the relevant Lease, ...
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.
ORRIs are created out of the working interest in a property and do not affect mineral owners. An overriding royalty interest (ORRI) is often kept or assigned to a geologist, landman, brokerage, or any entity that was able to reserve an interest in the properties.
