Guam Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest is a legal document that allows for the transfer of partial ownership in an oil and gas lease while reserving an overriding royalty interest. This document is commonly used in the oil and gas industry to facilitate the transfer of rights and interests in these leases. Keywords: Guam Assignment, Partial Interest, Oil and Gas Lease, Overriding Royalty Interest, Transfer of Ownership, Rights and Interests, Oil and Gas Industry. There are several types of Guam Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest, depending on the specific terms and conditions agreed upon between the involved parties. Some notable types include: 1. Conveyance Assignment: This type of assignment involves the transfer of partial interest from one party to another, with a specific focus on reserving an overriding royalty interest. It outlines the details of the transfer, such as the percentage of interest being conveyed and the corresponding royalty interest. 2. Percentage Interest Assignment: In this type of assignment, the partial interest being transferred is expressed as a percentage. The document specifies the percentage being assigned and reserved for the overriding royalty interest. It also outlines the responsibilities and obligations of the assignor and assignee. 3. Time-limited Assignment: This type of assignment is valid for a specific period. It allows for the partial interest in the oil and gas lease to be transferred to another party, while reserving an overriding royalty interest for the assignor. The timeframe for the assignment is clearly stated in the document. 4. Area-specific Assignment: In some cases, the partial interest and overriding royalty interest can be assigned only to a specific area within the oil and gas lease. This type of assignment identifies the specific locations or blocks where the interests are being transferred, ensuring clarity and precision in the agreement. 5. Fractional Interest Assignment: This type of assignment involves the transfer of partial interest expressed in fractional terms. For example, a party might assign 1/4th or 1/8th fractional interest in the oil and gas lease, while reserving a corresponding overriding royalty interest. The document outlines the details of the fractional assignment and the resulting royalty interest. It is essential to consult with legal professionals and industry experts when preparing a Guam Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest, as the specific terms and conditions can vary based on the circumstances and desired outcomes of the involved parties.
Guam Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest
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FAQ
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 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.
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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
Any partial assignment of any lease shall segregate the assigned and retained portions thereof, and as above provided, release and discharge the assignor from all obligations thereafter accruing with respect to the assigned lands; and such segregated leases shall continue in full force and effect for the primary term ...
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.
