The Colorado Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document used in the state of Colorado to transfer the ownership of an overriding royalty interest from the working interest holder to another party. This document is essential for oil and gas operators, mineral owners, and investors looking to establish or modify their ownership rights in relation to multiple leases. The assignment of overriding royalty interest involves the transfer of a fractional interest in the royalties generated from the production of oil and gas from the working interest owner to the assignee. This transfer is made with a limited warranty, meaning that the assignor guarantees the validity of their ownership rights but does not provide any further assurances regarding the title or any potential defects present. In Colorado, there can be various types of Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form, based on the specific circumstances and parties involved. Some common variations or additional provisions may include: 1. Colorado Assignment of Overriding Royalty Interest Out of Working Interest for Oil and Gas Leases: This type of assignment is specific to oil and gas leases and involves the transfer of overriding royalty interest from the working interest owner to the assignee. It can apply to a single lease or multiple leases. 2. Colorado Assignment of Overriding Royalty Interest Out of Working Interest with Additional Warranty Clauses: This variation includes additional warranty clauses, providing further assurances to the assignee regarding the title and absence of any encumbrances or defects in the overriding royalty interest. 3. Colorado Assignment of Overriding Royalty Interest Out of Working Interest with Special Considerations for Multiple Leases: This type of assignment includes specific provisions addressing the complexities of multiple leases, such as defining the proportionate interest of each lease, allocation of royalties, and coordination with lease operator(s). 4. Colorado Assignment of Overriding Royalty Interest Out of Working Interest with Specific Term or Limited Duration: In certain cases, the assignment may have a specific term or limited duration, stipulating the time frame during which the assignee will have the overriding royalty interest. It is crucial to consult with a qualified attorney or legal professional familiar with Colorado law to ensure the accurate drafting and execution of the Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form.
Colorado Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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FAQ
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.
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.
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.
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.
Overriding Royalty Interest (ORRI) 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.
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 agreement is a contract that gives an entity the right to receive revenue from certain productions or sales. The specific type of occurence that royalties are required to be paid on is included in the overriding royalty agreement.