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.
Colorado Assignment of Overriding Royalty Interest - Short Form
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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.
