A Delaware Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is an important legal document used in the oil and gas industry. This document outlines the transfer of an overriding royalty interest (ORRIS) from the working interest owner to another party, while simultaneously addressing multiple leases and limited warranties. Multiple variations of this assignment exist based on specific circumstances, such as the type of overriding royalty interest, the number of leases involved, and the extent of warranties provided. The following are examples of different types of Delaware Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form: 1. Conveyance of Overriding Royalty Interest: This assignment involves the transfer of a specific overriding royalty interest to a designated party. The document clearly defines the working interest, the leases affected, and the percentage or amount of the overriding royalty interest being conveyed. 2. Assignment of Overriding Royalty Interest with Multiple Leases: In cases where the working interest owner holds multiple leases, this form of assignment addresses the transfer of overriding royalty interest across all relevant leases. It ensures comprehensive coverage of all leases without requiring multiple assignments. 3. Limited Warranty Assignment: This type of assignment includes limited warranties, where the working interest owner guarantees that they have lawful ownership of the overriding royalty interest and that they have not previously assigned or encumbered it. The limited warranty serves to protect the assignee against any future claims or disputes related to the ORRIS. 4. Assignment of Multiple Overriding Royalty Interests: When there are multiple overriding royalty interests associated with the same working interest, this long-form assignment handles the transfer of all interests in a single document. It streamlines the process and provides a consolidated overview of all the interests involved. 5. Delaware Assignment of Overriding Royalty Interest with Additional Rights and Obligations: In some cases, parties may include additional rights or obligations in the assignment, such as specific revenue sharing arrangements, drilling obligations, or preferential rights to future leases. This variant of the assignment caters to the inclusion of such provisions, which can significantly impact the assignment's terms and conditions. Overall, a Delaware Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a complex legal document that encompasses various forms and variations based on the specific requirements of the parties involved. When drafting or reviewing such an assignment, it is crucial to ensure all relevant keywords, phrases, and parties are accurately reflected to protect the interests of both the assignor and assignee.
Delaware Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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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. Non-Participating Royalty Interest (NPRI) - Endeavor Energy Resources endeavorenergylp.com ? InterestDefinitions endeavorenergylp.com ? InterestDefinitions
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. Overriding Royalty Interest (ORRI) (US) - Westlaw Westlaw ? PracticalLaw Westlaw ? PracticalLaw
A gross overriding royalty entitles the owner to a share of the market price of the mined product as at the time they are available to be taken less any costs incurred by the operator to bring the product to the point of sale. Structuring Mining Royalties: What you need to know to protect your ... dentonsmininglaw.com ? structuring-mining... dentonsmininglaw.com ? structuring-mining...
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. What is Overriding Royalty Interest and How to Value it? pheasantenergy.com ? overriding-royalty-in... pheasantenergy.com ? overriding-royalty-in...
If there is more than one mineral owner, multiply the net revenue by the fractional interest of each owner to determine their respective royalty interest. How to Calculate Oil and Gas Royalty Payments? - Pheasant Energy pheasantenergy.com ? how-to-calculate-oil-... pheasantenergy.com ? how-to-calculate-oil-...
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) - Sell Your Oil and Gas Royalties bluemesaminerals.com ? overriding-royalty-intere... bluemesaminerals.com ? overriding-royalty-intere...
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 Explained - Landgate landgate.com ? news ? overriding-royalty-in... landgate.com ? news ? overriding-royalty-in...
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. Net Royalty Acres Defined - Oil and Gas Lawyer Blog oilandgaslawyerblog.com ? net-royalty-acre... oilandgaslawyerblog.com ? net-royalty-acre...