The Arizona Assignment of Overriding Royalty Interest — Short Form is a legal document used in the state of Arizona to transfer ownership of an overriding royalty interest from one party to another. An overriding royalty interest is a non-operating interest in an oil or gas well or mineral lease that entitles the owner to a share of the revenue generated from the production of the minerals. The Assignment of Overriding Royalty Interest — Short Form in Arizona outlines the terms and conditions of the transfer, including the identification of the current owner (assignor) and the new owner (assignee). It also specifies the specific oil or gas well or mineral lease to which the overriding royalty interest applies. Keywords: Arizona, Assignment of Overriding Royalty Interest, Short Form, legal document, transfer, ownership, overriding royalty interest, non-operating interest, oil, gas well, mineral lease, revenue, production, minerals. Different types of Arizona Assignment of Overriding Royalty Interest — Short Form may include variations in terms and conditions, such as the percentage of the overriding royalty interest being transferred, the effective date of the assignment, and any additional provisions required by the parties involved. However, the basic purpose of the document remains the same — to legally transfer ownership of an overriding royalty interest.
Arizona Assignment of Overriding Royalty Interest - Short Form
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FAQ
Typically, NPRIs are created by an express grant or reservation in a deed and are entirely different from a ?leasehold? royalty. The holder of a NPRI has no power to negotiate or execute an oil and gas lease and has no power to enter upon the land to extract the hydrocarbons.
The ORRI is not carved out of the regular royalty interest but rather out of the oil and gas company's working interest, further reducing the oil and gas company's share of the proceeds they will receive when they sell the minerals.
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.
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.
An overriding royalty interest (ORRI) is an interest carved out of a working interest.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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 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.
