The District of Columbia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that pertains to the transfer of overriding royalty interests and working interests in the District of Columbia. This comprehensive agreement encompasses various aspects and provisions to ensure a smooth and lawful transfer of rights. Keywords: District of Columbia, Assignment, Overriding Royalty Interest, Working Interest, Multiple Leases, Limited Warranty, Long Form. Types of District of Columbia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form: 1. Standard Long-Form Assignment: This version encompasses the fundamental provisions and clauses required for transferring overriding royalty interests and working interests. It includes sections such as the assignment of rights, limitations and warranties, consideration, and terms of the agreement. 2. Enhanced Long-Form Assignment with Additional Leases: In certain scenarios, there might be multiple leases involved in the transfer of overriding royalty interests and working interests. This version of the agreement includes provisions specifically tailored to address the complexities of dealing with multiple leases, ensuring clarity and transparency in the assignment process. 3. Limited Warranty Long-Form Assignment: This variant focuses on the specific limited warranty aspect of the assignment. It provides concise and precise language pertaining to the limited warranty, outlining the rights and limitations of both parties involved in the transfer. 4. Customizable Long-Form Assignment: In unique circumstances where specific requirements need to be addressed, a customizable long-form assignment can be crafted. This variation allows parties to include additional provisions, clauses, or terms that are not covered in the standard agreement, catering to their specific needs and objectives. The District of Columbia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a comprehensive legal document designed to facilitate the lawful and transparent transfer of rights in the District of Columbia. It ensures that all parties involved are protected and aware of their rights and responsibilities, fostering a smooth and efficient transfer process.
District of Columbia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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FAQ
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.
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 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.
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.
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.
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 (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.
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, ...