The Alabama Assignment of Overriding Royalty Interest — Short Form is a legal document used in the state of Alabama that allows the transfer of an overriding royalty interest from one party to another. This agreement is commonly used in the oil and gas industry, where individuals or entities receive a percentage of the revenue generated from the production of oil and gas on a specific property. The Alabama Assignment of Overriding Royalty Interest — Short Form is a simplified version of the agreement, which outlines the terms and conditions of the transfer of the overriding royalty interest. It includes crucial details such as the names of the assignor (current owner) and the assignee (new owner), the property description, the percentage of the overriding royalty interest being transferred, and any additional provisions or conditions. Keywords: Alabama, Assignment, Overriding Royalty Interest, Short Form, transfer, oil and gas industry, revenue, production, property description, assignor, assignee, percentage, provisions, conditions. Different types of Alabama Assignment of Overriding Royalty Interest — Short Form may include variations based on specific conditions or specific industries. Some possible variations are: 1. Alabama Assignment of Overriding Royalty Interest — Short Form for Oil and Gas Leases: This specific type focuses on the assignment of overriding royalty interest related to oil and gas leases. It may contain additional provisions addressing lease terms, drilling rights, and royalties distribution. 2. Alabama Assignment of Overriding Royalty Interest — Short Form for Mineral Rights: This variant applies when the assignment is specifically related to mineral rights on a property. It may contain provisions addressing rights to minerals such as coal, precious metals, or other resources. 3. Alabama Assignment of Overriding Royalty Interest — Short Form for Renewable Energy: In recent years, the assignment of overriding royalty interest related to renewable energy sources like wind or solar energy has gained prominence. This specific type may include provisions addressing renewable energy regulations and distribution of royalties from these sources. Keywords for variations: Oil and gas leases, mineral rights, renewable energy, coal, precious metals, wind energy, solar energy, regulations, royalties distribution.
Alabama Assignment of Overriding Royalty Interest - Short Form
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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.
There are three main types of royalty interests: Overriding royalty interest: Unlike mineral and royalty interests, an overriding royalty interest runs with a lease and not with the land. Therefore, they only remain in effect for as long as a lease is in effect and they expire when a lease expires.
If at any time Assignee desires to transfer or dispose of all or any portion of the Overriding Royalty Interest, Assignee must first give to Assignor written notice thereof stating: (a) the amount of the Overriding Royalty Interest offered by Assignee; (b) the form of consideration (which shall be either cash or a ...
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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, ...
What Determines the Value of an Overriding Royalty Interest? Mineral interest location. One in a shale basin with high production is worth more. Producing oil and gas wells. Wells currently producing are valued more. ... Production reserves and levels. ... Prices.
An overriding royalty interest (ORRI) is an interest carved out of a working interest.
