The Arizona Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage is a legal document commonly used in the state of Arizona to transfer the rights of an overriding royalty interest from a working interest owner to a designated party. This type of assignment is often utilized in oil, gas, and mineral lease agreements. Keywords: Arizona, Assignment, Overriding Royalty Interest, Working Interest Owner, Single Lease, Stated Percentage, oil, gas, mineral, lease agreements. There are various types of Arizona Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage, named based on the specific circumstances or clauses included in the agreement. Some of these variations include: 1. Partial Assignment: This type of assignment refers to the transfer of only a portion of the working interest owner's overriding royalty interest to another party. It can be done for various reasons, such as to provide additional investment opportunities or to share the financial burden. 2. Full Assignment: In contrast to the partial assignment, a full assignment entails the transfer of the complete overriding royalty interest held by the working interest owner. This is often done when the owner wishes to completely divest themselves of their interest in the lease. 3. Fixed Percentage Assignment: This type of assignment states a specific percentage of the overriding royalty interest that will be transferred to the designated party. It provides clarity and certainty regarding the ownership rights and obligations of each party involved. 4. Variable Percentage Assignment: Unlike the fixed percentage assignment, this variation allows for a flexible or changing percentage of the overriding royalty interest to be transferred. It could be based on specific triggers, such as production volumes, commodity prices, or other agreed-upon factors. 5. Assignment with Contingencies: This type of assignment includes contingency clauses, which specify conditions that must be met for the transfer of the overriding royalty interest to take effect. Common contingencies may include receiving appropriate regulatory approvals, reaching production milestones, or meeting financial obligations. 6. Assignment with Restrictions: Some assignments may come with certain limitations or restrictions on the assigned overriding royalty interest. These restrictions can be related to geographical locations, timeframes, or specific uses of the property. 7. Contractual Assignment: This type of assignment is executed as part of a separate contract or agreement, which outlines the specific terms and conditions of the transfer. It ensures that both parties have a clear understanding of their rights and obligations. In summary, the Arizona Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage is a legal document used in the state of Arizona to transfer overriding royalty interests in oil, gas, and mineral lease agreements. The specific type of assignment may vary depending on factors such as the percentage transferred, presence of contingencies or restrictions, and whether it is a partial or full assignment.
Arizona Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage
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FAQ
To calculate the number of net royalty acres I'm selling, I use this formula: [acres in tract] X [% of minerals owned] X 8 X [royalty interest reserved in lease] X [fraction of royalty interest being sold]. 640 acres X 25% X 8 X 1/4 X 1/2 = 160 net royalty acres.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
NRA = 40.00 net mineral acres x ([1/5] Lease Royalty Rate / [1/8] Standard Royalty Rate) NRA = 40.00 x (0.20 / 0.125) NRA = 40.00 x 1.60 NRA = 64.00 Net Royalty Acres This mathematical concept can also be used inversely to calculate your net mineral acres in a parcel based on the Net Revenue Interest (NRI) you are ...
If there is an NPRI that exists, you would have to determine the # of net royalty acres by taking your royalty rate and subtracting the NPRI from it and then dividing by 12.5%.
To calculate the NMA, you need the gross number of acres and the percentage of your mineral interest. To complete the calculation, simply multiply the gross acreage by your mineral interest. For example, if you owned 25% interest on the minerals under a 400-acre tract of land, you would have 100 NMA.
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.
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.
