Colorado Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal contract that allows the transfer of a percentage of royalty interest from one party to another in Colorado. This agreement is specifically designed for situations where the lease is non-producing and covers a single lease, while also reserving the right to pool the interests. In Colorado, there are different types of Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool), including: 1. Standard Colorado Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool): This type of assignment is the most common in Colorado and allows the transfer of overriding royalty interest from the assignor (original owner) to the assignee (new owner). It applies to non-producing leases and reserves the right to pool the interests, which means that if a well is drilled on the leased property, the overriding royalty interest assigned can be pooled with other interests. 2. Limited Colorado Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool): This type of assignment places limitations on the transfer of overriding royalty interest. It may specify a predetermined time frame for the assignment or a specific area within the leased property where the interest applies. 3. Conditional Colorado Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool): This type of assignment is contingent upon certain conditions being met. For example, the assignment may only be valid if a specific minimum well depth is reached or a certain level of production is achieved within a given timeframe. 4. Partial Colorado Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool): This type of assignment involves transferring only a portion of the overriding royalty interest from one party to another. The assignor retains ownership of the remaining percentage of the interest. In summary, the Colorado Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal contract enabling the transfer of royalty interest in non-producing leases while reserving the right to pool interests. Depending on specific circumstances, there are different types of assignments available, including standard, limited, conditional, and partial assignments.
Colorado Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)
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FAQ
Participating Royalty Interest (NPRI) is an interest in oil and gas production which is created from the mineral estate. Like the plain ?royalty interest? it is expensefree, bearing no operational costs of production.
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 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.
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.
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.
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.
Royalty interest in the oil and gas industry refers to ownership of a portion of a resource or the revenue it produces. A company or person that owns a royalty interest does not bear any operational costs needed to produce the resource, yet they still own a portion of the resource or revenue it produces.
