Arizona Assignment of Carried Working Interest
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How to fill out Assignment Of Carried Working Interest?
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FAQ
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.
The term ?working interest? is commonly used and is generally considered synonymous with the lessee's interest and the term ?leasehold interest.? As to federal leases, the lessee's leasehold interest includes both record title and operating rights.
Record Title: Primary ownership of an interest in an oil and gas lease including the obligation to pay rent, and the right to transfer and relinquish the lease. Overriding royalty and operating rights are severable from record title interests.
See also Development Costs. Carried Interest / Carried Working Interest: the fractional, non-possessory interest carved out of a Working Interest that is exclusive from all costs of Development and/or operations for a set period of time (i.e., the Carry Period).
In the oil and gas context, a carried interest is a fractional oil and gas interest that is not required to pay for drilling or operational expenses for a limited time (carry period). These expenses are paid by the other working interest owners (called co-tenants) of the property.
The lessee of an oil or gas lease can assign the entire lease or part of it. In other words, the lessee can sell or transfer part of the estate or the entire estate to which they have the working rights. The assignee is assigned the working interest and lease obligations, including override royalty.
The record title interest includes the obligation to pay rent and the rights to assign and relinquish the lease. [1] The operating rights interest authorizes the holder to drill for and conduct operations and produce the leased substances.
