Alaska Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document used in Alaska to transfer the rights to receive royalty payments from the working interest owner to another party. This document is essential for individuals or entities involved in oil, gas, and mineral rights in Alaska who want to assign their overriding royalty interest to another party. The long-form version of this assignment includes comprehensive provisions and clauses that ensure a robust legal transfer of rights. It outlines the terms and conditions of the transfer, including the effective date, consideration received, and specific details of the overriding royalty interest. When dealing with multiple leases, this assignment acts as an umbrella agreement, encompassing all the leases involved. It streamlines the process by consolidating the agreements into a single document, minimizing paperwork and potential confusion. The limited warranty clause provides some protection to the assignee by warranting that the assignor has the legal authority to transfer the overriding royalty interest and that there are no encumbrances on the interest being assigned, apart from those explicitly mentioned in the assignment itself. Different types or variations of Alaska Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form may exist based on specific circumstances or individual preferences. Some common variations could include: 1. Assignment of Overriding Royalty Interest with Multiple Leases and Limited Warranty for Oil and Gas: This variation focuses specifically on oil and gas interests and may include provisions related to the production, pricing, and delivery of these resources. 2. Assignment of Overriding Royalty Interest with Multiple Leases and Limited Warranty for Mineral Rights: This variation is tailored for assignments related to mineral rights such as coal, gold, or other valuable deposits. 3. Assignment of Overriding Royalty Interest with Multiple Leases and Limited Warranty for Renewable Energy: This type of assignment is designed for assignments related to renewable energy sources like wind, solar, or geothermal projects. It's important to consult with legal professionals and have a clear understanding of the specific circumstances and requirements before using or drafting an Alaska Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form.
Alaska Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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FAQ
Several factors determine the value of an overriding royalty interest in a working lease. They include: Location ? A mineral interest in high producing shale basins will be more valuable. Producing Wells ? Producing wells are valued higher than non-producing wells.
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.
What Is Working Interest? Working interest is a term for a type of investment in oil and gas drilling operations in which the investor is directly liable for a portion of the ongoing costs associated with exploration, drilling, and production.
An overriding royalty agreement is a contract that gives an entity the right to receive revenue from certain productions or sales. The specific type of occurence that royalties are required to be paid on is included in the overriding royalty agreement.
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.
Calculating Overriding Royalty Interest An ORRI is a straight percentage. For example, a 2% override would appear on the royalty statement as 0.02 interest in the proceeds from the sale of the leased hydrocarbons.
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.
Like Royalty Interest (RI), an ORRI ends when the oil and gas lease ends. ORRI and MI/RI (mineral/royalty) interests in the same tract of land may be valued differently. Unlike the mineral interest, which lasts in perpetuity, overriding royalties expire with the lease.