The Arizona Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that transfers the rights to receive a portion of the royalties derived from the extraction of oil, gas, or minerals from a specific leased property in the state of Arizona. This assignment is typically used in cases where the leased property is not producing any resources currently, but there is a possibility of future production. Keywords: Arizona, assignment, overriding royalty interest, non-producing, single lease, reserves right to pool. In Arizona, there are different types of assignment of overriding royalty interests, each with its own specific characteristics and purposes. Some of these variations include: 1. Arizona Assignment of Overriding Royalty Interest (Producing, Single Lease, Reserves Right to Pool): This type of assignment is used when the leased property is actively producing oil, gas, or minerals. It allows the assignee to receive a portion of the royalties generated from the producing property. 2. Arizona Assignment of Overriding Royalty Interest (Non-Producing, Multiple Leases, Reserves Right to Pool): In this scenario, the assignment covers multiple leased properties that are not currently producing any resources. It grants the assignee the right to receive a percentage of the future royalties if any of the leases begin to produce. 3. Arizona Assignment of Overriding Royalty Interest (Producing, Multiple Leases, Reserves Right to Pool): This assignment extends to multiple leased properties that are currently producing oil, gas, or minerals. It confers upon the assignee the entitlement to a proportionate share of the royalties generated from all the producing leases. The Arizona Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) specifically reserves the right to pool. This means that the assignor retains the ability to merge or combine the leased property with adjoining properties for the purpose of future resource extraction if deemed necessary. Overall, the Arizona Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal instrument that grants the assignee the potential to receive future royalties from a specific leased property in Arizona, even though it is not currently producing any resources. The assignor retains the right to combine or pool the leased property with adjacent properties to optimize future production if circumstances warrant it.
Arizona Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)
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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. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.
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, ...
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.
The oil and gas business; assignments are the documents used. to accomplish transfers of lease rights .1./ Although the. common form of assignment may appear to be a rather simple. document, the respective rights and obligations of the parties.
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.
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.
