Alaska Release and Assignment of Right of Reassignment

State:
Multi-State
Control #:
US-OG-555
Format:
Word; 
Rich Text
Instant download

Description

This is a form of a Release and Assignment of Right of Reassignment.

How to fill out Release And Assignment Of Right Of Reassignment?

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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.

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.

An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.

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.

Definition of record title is as follows: Record Title: Primary ownership of an interest in an oil and gas or geothermal lease including the obligation to pay rent, and the right to transfer and relinquish the lease. Overriding royalty interests and operating rights interest are severable from record title interests.

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Alaska Release and Assignment of Right of Reassignment