Connecticut Assignment of Overriding Royalty Interest (By Owner of Override) In Connecticut, an Assignment of Overriding Royalty Interest allows the owner of an overriding royalty interest to transfer their rights to another party. This legal document is commonly used in the oil and gas industry to assign the right to receive a percentage of the gross production from a specifically identified lease or well. The Connecticut Assignment of Overriding Royalty Interest (By Owner of Override) includes several key components that must be addressed: 1. Parties involved: The assignment outlines the names and addresses of both the assignor (the current owner of the overriding royalty interest) and the assignee (the party to whom the interest is being transferred). 2. Property description: The assignment must clearly identify the specific lease or well from which the overriding royalty interest arises. This includes providing accurate legal descriptions, such as the well's location, identification number, and any additional identifying information. 3. Assignment details: The assignment specifies the exact percentage of the gross production being assigned to the assignee. It also outlines any applicable terms and conditions, including the effective date of the assignment and any circumstances that could terminate or modify the assignment. 4. Consideration: The assignment may include details of any consideration exchanged between the assignor and assignee. This could involve monetary compensation, other property rights, or any other agreed-upon form of payment. Different types of Connecticut Assignment of Overriding Royalty Interest (By Owner of Override) may include variations in the specific terms and conditions, such as: 1. Partial or full assignment: The assignment could involve transferring either a partial or full overriding royalty interest. A partial assignment means the assignor retains a portion of the interest, while a full assignment involves transferring the entire interest. 2. Term assignment: The assignment may specify a specific term or duration for which the overriding royalty interest is assigned. This allows for flexibility and control over the duration of the assignment. 3. Assignment with diversionary interest: In some cases, an overriding royalty interest assignment may include a clause that provides for a diversionary interest. This means that if certain conditions occur, such as a failure to meet production levels, the assignor may regain the interest. 4. Assignment subject to liens or encumbrances: The assignment might specify whether the overriding royalty interest being transferred is subject to any liens, mortgages, or other encumbrances. This information safeguards the assignee by disclosing any potential issues related to the interest. It is essential to consult legal professionals experienced in oil and gas law or specialized attorneys to draft or review the Connecticut Assignment of Overriding Royalty Interest (By Owner of Override) to ensure compliance with Connecticut state laws and regulations.
Connecticut Assignment of Overriding Royalty Interest (By Owner of Override)
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Transfer by deed: You can sell your mineral rights to another person or company by deed. Transfer by will: You can specify who you want to inherit your mineral rights in your will. Transfer by lease: You can lease mineral rights to a third party through a lease agreement.
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.
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, ...
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.
Several things determine what the ORRI value is, including: Mineral interest location. One in a shale basin with high production is worth more. Producing oil and gas wells. Wells currently producing are valued more. ... Production reserves and levels. ... Prices.
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.
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.
