Georgia Assignment of Overriding Royalty Interests in Multiple Leases An Assignment of Overriding Royalty Interests (ORRIS) in Georgia is a legal agreement that involves the transfer of a portion of the royalties derived from oil, gas, or mineral production on multiple leases. This agreement allows the assignor to grant the assignee the right to receive a percentage of the royalties, typically in exchange for a monetary consideration. There are different types of Georgia Assignment of ORRIS for Multiple Leases, including: 1. Fixed Percentage Assignment: This type of assignment stipulates a fixed percentage of the overriding royalty interest that the assignee will receive. For example, the assignor might transfer 50% of their ORRIS to the assignee. 2. Partial Assignment: In some cases, the assignor may choose to transfer a portion of their overriding royalty interest instead of the entire interest. This can be beneficial when the assignor wants to retain some control or receive a smaller lump sum payment. 3. Variable Percentage Assignment: Unlike a fixed percentage assignment, this type of assignment allows the overriding royalty interest percentage to vary based on certain conditions. For instance, the assignee may receive a higher percentage if production exceeds a certain threshold. 4. Time-Limited Assignment: A time-limited assignment grants the assignee the right to receive overriding royalty interests in a specific period. Once the agreed-upon time elapses, the assignment terminates, and the assignor retains full rights to the overriding royalty interests. The Georgia Assignment of ORRIS for Multiple Leases document typically includes key details such as: — Identification of the parties involved: The assignor (the party transferring the overriding royalty interest) and the assignee (the party receiving the overriding royalty interest). — Description of the leases: Clear identification of the multiple leases associated with the assignment, including lease numbers, dates, and locations. — Royalty Interest Assignment: A detailed explanation of the overriding royalty interest being transferred, specifying the type and percentage of the interest. — Consideration: The monetary or non-monetary consideration that the assignee offers to the assignor in exchange for the ORRIS assignment. — Representations and warranties: Assurances made by both parties regarding their legal authority to enter into the agreement and the absence of any conflicting obligations. — Governing law: The agreement will specify that it is governed by the laws of Georgia and any disputes will be resolved in the state's courts. In summary, the Georgia Assignment of Overriding Royalty Interests in Multiple Leases enables the transfer of a portion of the royalty interests from several leases to an assignee. With different types, such as fixed percentage, partial, variable percentage, and time-limited assignments, this agreement provides flexibility and opportunities for both parties involved in the transaction.
Georgia Assignment of Overriding Royalty Interests for Multiple Leases
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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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
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, ...
Overriding Royalty Interest: A given interest severed out of the record title interest or lessee's share of the oil, and not charged with any of the cost or expense of developing or operation. The interest provides no control over the operations of the lease, only revenue from lease production.
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.
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.
There are three main types of royalty interests: 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.