A Hawaii Affidavit As to Changes and Alterations Appearing in Oil and Gas Lease is a legal document that attests to any modifications or revisions made to an existing oil and gas lease in the state of Hawaii. This affidavit acknowledges and confirms any alterations, amendments, or changes made to the terms, conditions, or provisions stated in the original lease agreement. Keywords: Hawaii, affidavit, changes, alterations, oil and gas lease, modifications, revisions, legal document, existing, lease agreement, terms, conditions, provisions Types of Hawaii Affidavit As to Changes and Alterations Appearing in Oil and Gas Lease: 1. Minor Amendments Affidavit: This type of affidavit is typically used when there are minimal or insignificant changes made to the original lease agreement. It may involve minor adjustments to the lease terms, such as correcting typographical errors or clarifying ambiguous language. 2. Major Amendments Affidavit: In cases where significant changes have been made to the oil and gas lease agreement, a major amendments' affidavit is required. This document outlines substantial modifications, such as the extension of lease term, alteration of royalty percentages, addition of new drilling locations, or revision of payment terms. 3. Environmental Compliance Affidavit: This specific type of affidavit refers to changes or alterations made to the oil and gas lease in order to ensure compliance with environmental regulations and requirements. It may involve modifications related to pollution control measures, waste disposal, or the implementation of sustainable drilling practices. 4. Transfer of Interest Affidavit: In situations where there is a transfer of ownership or interest in the oil and gas lease, a transfer of interest affidavit is required. This affidavit acknowledges any changes in the ownership structure, including the addition or removal of partners, shareholders, or stakeholders. 5. Force Mature Affidavit: When unexpected events or circumstances occur that prevent the parties involved from fulfilling their obligations under the oil and gas lease, a force majeure affidavit comes into play. This document acknowledges any alterations made to the lease agreement due to force majeure events such as natural disasters, government regulations, or political upheavals. Regardless of the specific type, a Hawaii Affidavit As to Changes and Alterations Appearing in Oil and Gas Lease serves as a legally binding document that ensures transparency and accuracy in acknowledging any modifications made to an existing lease agreement. It provides a comprehensive record of all changes, safeguards the rights and interests of all parties involved, and helps maintain compliance with relevant laws and regulations.
Hawaii Affidavit As to Changes and Alterations Appearing in Oil and Gas Lease
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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.
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.
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.
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
How Do Overriding Royalty Interest Payments Work? The value of an overriding royalty interest is simple to calculate since it is a percent of the working interest lease. The ORRI value is based on production on the acreage leased by the working interest.
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.
