California Assignment of Overriding Royalty Interest (No Proportionate Reduction) is a legal document that allows the transfer of a portion of an overriding royalty interest from one party to another in California, without any reduction in the proportion of the original interest. It is commonly used in oil and gas industries, where an overriding royalty interest refers to the right to receive a percentage of the revenue from oil and gas production, typically set forth in a lease agreement. The California Assignment of Overriding Royalty Interest (No Proportionate Reduction) is designed to facilitate the transfer of this interest without any reduction in the relative proportion compared to other interest holders. It ensures that the assignee receives a fixed and unchanging share of the royalty, regardless of any changes that may occur in the overall interest structure. There are no specific subtypes of the California Assignment of Overriding Royalty Interest (No Proportionate Reduction), as it refers to a specific provision that can be incorporated into various legal agreements and contracts. However, it is essential to understand the general terms and conditions associated with this type of assignment to ensure legal compliance and protect the rights of all parties involved. Keywords: California, Assignment of Overriding Royalty Interest, No Proportionate Reduction, legal document, transfer, royalty interest, oil and gas industries, lease agreement, revenue, interest holders, interest structure, provisions, legal agreements, contracts, terms and conditions.
California Assignment of Overriding Royalty Interest (No Proportionate Reduction)
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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.
Overriding royalty interest: Unlike mineral and royalty interests, an overriding royalty interest runs with a lease and not with the land. Therefore, they only remain in effect for as long as a lease is in effect and they expire when a lease expires.
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, ...
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.
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.
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.