A Colorado Assignment of Overriding Royalty Interest (By Owner of Override) is a legal document used in the oil and gas industry to transfer the ownership rights of an overriding royalty interest from the current owner (assignor) to another party (assignee) in the state of Colorado. This document is particularly relevant for transactions in the oil and gas sector involving the extraction and production of fossil fuels in Colorado. Keywords: Colorado Assignment of Overriding Royalty Interest, overriding royalty interest, oil and gas industry, ownership rights, assignor, assignee, extraction, production, fossil fuels. Types of Colorado Assignment of Overriding Royalty Interest (By Owner of Override): 1. Absolute Assignment: This type of assignment completely transfers all the rights, title, and interest of the assignor to the assignee. The assignee becomes the new owner of the overriding royalty interest and assumes all its benefits and obligations. 2. Partial Assignment: In this case, the assignor transfers only a portion or specific percentage of the overriding royalty interest to the assignee. The assignor retains partial ownership rights and continues to receive a percentage of the royalties generated from the oil and gas production. 3. Temporary Assignment: In certain circumstances, an overriding royalty interest may be assigned temporarily, usually for a predetermined period. This type of assignment allows the assignee to receive the benefits of the overriding royalty interest for a limited time before the rights revert to the assignor. 4. Perpetual Assignment: Alternatively, an overriding royalty interest can be assigned permanently, without any restrictions or time limitations. This means that the assignee will own the interest indefinitely, and all future benefits and obligations will be transferred to them permanently. 5. Conditional Assignment: In some cases, an overriding royalty interest assignment may include certain conditions or terms that must be met before the ownership rights fully transfer to the assignee. These conditions could include specific performance requirements, financial obligations, or other provisions that need to be fulfilled for the assignment to be finalized. It is important to ensure that any Colorado Assignment of Overriding Royalty Interest (By Owner of Override) is prepared and executed in accordance with the state laws and regulations governing oil and gas operations in Colorado. Seeking legal advice from an attorney specializing in oil and gas law is highly recommended ensuring the proper transfer of overriding royalty interest rights and compliance with all applicable legal requirements.
Colorado Assignment of Overriding Royalty Interest (By Owner of Override)
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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.
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.
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.
