A District of Columbia Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool refers to a legal agreement within the oil and gas industry. This arrangement allows a party, known as the assignor, to transfer their overriding royalty interest (ORRIS) in multiple leases located in the District of Columbia. Keywords: District of Columbia, Assignment of Overriding Royalty Interest, Multiple Leases, Non Producing, Reservation of Right to Pool In such a scenario, there can be different types of District of Columbia Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with the Reservation of the Right to Pool. These can include: 1. Standard Assignment with Non-Producing Leases: This type of assignment involves the transfer of an ORRIS from the assignor to the assignee for multiple leases located in the District of Columbia. These leases are currently non-producing, meaning no oil or gas extraction is taking place. However, the right to pool is reserved, allowing for the possibility of future pooling and development activities. 2. Partial Assignment with Non-Producing Leases: In this type of assignment, the assignor transfers only a portion of their ORRIS in multiple non-producing leases to the assignee. The remaining interest is retained by the assignor. The leaseholder retains the right to pool the assigned ORRIS. 3. Assignment with Non-Producing Leases and Right to Pool specified: This assignment type involves the transfer of a non-producing lease or leases with the specific reservation of the right to pool. The assignor conveys their ORRIS in these leases to the assignee, highlighting the explicit retention of the right to engage in pooling activities in the future. 4. Assignment with Non-Producing Leases and Conditional Reservation of the Right to Pool: This assignment type outlines specific conditions under which the assignor retains the right to pool in the future. For example, the assignor may reserve this right until a certain production threshold is reached or until a specified timeline has elapsed. 5. Assignment with Non-Producing Leases and Partial Right to Pool: In some cases, an assignor may transfer their ORRIS in non-producing leases to an assignee while retaining a partial right to pool. This arrangement allows the assignee to initiate pooling activities up to a certain extent while still providing the assignor with limited pooling rights. Overall, the District of Columbia Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool allows for the legal transfer of ORRIS in non-producing leases, while preserving the potential for pooling and future development activities. The various types of assignments cater to diverse scenarios and specific terms agreed upon by the involved parties.
District of Columbia Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool
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FAQ
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.
To calculate the number of net royalty acres I'm selling, I use this formula: [acres in tract] X [% of minerals owned] X 8 X [royalty interest reserved in lease] X [fraction of royalty interest being sold]. 640 acres X 25% X 8 X 1/4 X 1/2 = 160 net royalty acres.
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 interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.
Essentially, NPRI is the royalty severed from minerals just as minerals are severed from the surface interest. Unlike mineral owners, non-participating royalties do not have executive rights in lease negotiations, leasing incentives, or rental payments. They just receive the actual production proceeds.
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 Conveyance means an assignment, in the form attached hereto as Exhibit F, pursuant to which Subsidiary Borrower grants to Lender a cost-free overriding royalty interest equal to a percentage determined pursuant to Section 8.5 of the Hydrocarbons and other minerals attributable to Subsidiary ...
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.
