Colorado Assignment of Overriding Royalty Interest - Short Form

State:
Multi-State
Control #:
US-OG-031
Format:
Word; 
Rich Text
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Description

This form is used by the Assignor to transfer, assign, and convey to Assignee all of Assignor's overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease and Land.

The Colorado Assignment of Overriding Royalty Interest — Short Form is a legal document that outlines the transfer of overriding royalty interest (ORRIS) from one party to another in the state of Colorado. This assignment serves as an agreement between the assignor (the party transferring the interest) and the assignee (the party receiving the interest). Keywords: Colorado, Assignment, Overriding Royalty Interest, Short Form, transfer, agreement In Colorado, there are various types of Assignment of Overriding Royalty Interest — Short Form documents that may exist based on different circumstances and requirements. Some of these types include: 1. Assignment of Overriding Royalty Interest — Short Form for Mineral Rights: This form specifically transfers the overriding royalty interest related to mineral rights in Colorado. It identifies the minerals, defines the extent of the interest being transferred, and provides details on the assignor and assignee. 2. Assignment of Overriding Royalty Interest — Short Form for Oil and Gas Leases: This variant focuses on overriding royalty interests associated with oil and gas leases in Colorado. It may include additional clauses related to exploration, drilling, and production activities. 3. Assignment of Overriding Royalty Interest — Short Form for Multiple Interests: When an assignor wants to transfer multiple overriding royalty interests in Colorado, this form is used. It allows for the assignment of multiple interests in a single document, enabling a streamlined legal process. 4. Assignment of Overriding Royalty Interest — Short Form for Partial Assignments: In some cases, an assignor might want to transfer only a portion of their overriding royalty interest. This form is used to transfer a partial interest, specifying the exact percentage or fraction being assigned. Overall, the Colorado Assignment of Overriding Royalty Interest — Short Form is a crucial legal document used to facilitate the transfer of overriding royalty interests in Colorado. These documents vary based on the nature of the interest being transferred, such as mineral rights or oil and gas leases, as well as the specific needs of the assignor and assignee, including multiple or partial assignments.

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FAQ

Typically, NPRIs are created by an express grant or reservation in a deed and are entirely different from a ?leasehold? royalty. The holder of a NPRI has no power to negotiate or execute an oil and gas lease and has no power to enter upon the land to extract the 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.

If at any time Assignee desires to transfer or dispose of all or any portion of the Overriding Royalty Interest, Assignee must first give to Assignor written notice thereof stating: (a) the amount of the Overriding Royalty Interest offered by Assignee; (b) the form of consideration (which shall be either cash or a ...

Overriding Royalty Interest (ORRI) A royalty in excess of the royalty provided in the Oil & Gas Lease. Usually, an override is added during an intervening assignment. ORRIs are created out of the working interest in a property and do not affect mineral owners.

An overriding royalty interest (ORRI) is an interest carved out of a working interest.

How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.

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.

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This form is used when an Assignor assigns, transfers, and conveys to Assignee an overriding royalty interest in the Lease and all of the oil and gas ... This form is used by the Assignor to transfer, assign, and convey to Assignee all of Assignor's overriding royalty interest in a Lease and all oil, ...Overriding Royalty Interest (ORRI) can be assigned at any time. A landman may agree to acquire leases for XYZ Oil and Gas Company in exchange for 50% cash and ... Jun 16, 2023 — You may convey overriding royalty interest on either an Assignment of Record Title Interest (Form 3000-3), a Transfer of Operating Rights (Form ... BASIC OIL AND GAS FORMS PROGRAM · Declaration of Election to Convert Overriding Royalty Interest to a Working Interest · Declaration that Oil and Gas Lease was ... Click on New Document and choose the file importing option: upload Assignment of Overriding Royalty Interest For A Term of Years from your device, the cloud, or ... Jun 26, 2012 — The overriding royalty interest (reserved/assigned) in each lease that is the subject of this assignment shall be proportionately reduced in ... The Plaintiffs took the position that the 1994 ORRI is not a true overriding royalty interest because the 1994 Assignment granted BWAB only an interest in ... Jul 4, 2023 — The mineral interests are held by the LLC. While members may die, the LLC continues. Royalty or overriding royalty interests stay with the LLC. Jun 26, 2015 — There are no net revenue interests. If leased there may be a reference to the lease royalty. There are usually at least a couple of comments and.

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Colorado Assignment of Overriding Royalty Interest - Short Form