Arizona Assignment of Overriding Royalty Interest (By Owner of Override) is a legal document that allows an overriding royalty interest owner in Arizona to transfer their interest to another party. This assignment is often used in the oil and gas industry and is essential when the current owner wants to sell or transfer their overriding royalty interest to another person or entity. Keywords: Arizona Assignment of Overriding Royalty Interest, Owner of Override, transferring overriding royalty interest, oil and gas industry, legal document, transfer of interest. There are two main types of Arizona Assignment of Overriding Royalty Interest (By Owner of Override): 1. Absolute Assignment: This type of assignment involves the complete transfer of the overriding royalty interest from the current owner to a new owner. The new owner assumes all rights, benefits, and obligations associated with the overriding royalty interest. 2. Partial Assignment: In this type of assignment, the current owner of the overriding royalty interest transfers only a portion of their interest to a new owner. The new owner will receive a specified percentage or fraction of the royalty interest, while the original owner retains the remaining interest. The Arizona Assignment of Overriding Royalty Interest (By Owner of Override) typically includes key details such as the names and addresses of the assigning party (current owner) and the assignee (new owner), a description of the interest being assigned, the effective date of the assignment, any conditions or limitations on the assignment, and any applicable consideration or payment terms. To complete the Arizona Assignment of Overriding Royalty Interest, both parties must sign the document in the presence of a notary public to ensure its authenticity and legal validity. Once signed and notarized, the assignment should be recorded in the appropriate county records office to provide public notice of the change in ownership. It is crucial for both parties involved in the assignment to seek legal guidance or consult with an attorney specializing in oil and gas law to ensure compliance with Arizona state laws and regulations, as well as to protect their interests. In conclusion, the Arizona Assignment of Overriding Royalty Interest (By Owner of Override) allows overriding royalty interest owners to transfer their rights to another party. Whether through an absolute or partial assignment, this legal document plays a critical role in the oil and gas industry, facilitating the smooth transfer of ownership and ensuring the rights of all parties involved.
Arizona Assignment of Overriding Royalty Interest (By Owner of Override)
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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, ...
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 similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.
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 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.
Several things determine what the ORRI value is, including: 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 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.
Transfer by deed: You can sell your mineral rights to another person or company by deed. Transfer by will: You can specify who you want to inherit your mineral rights in your will. Transfer by lease: You can lease mineral rights to a third party through a lease agreement.
