Idaho Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that serves to transfer the ownership of a portion of royalty interests from the working interest owner to a third party in relation to multiple leases. This agreement provides a detailed and comprehensive record of the terms and conditions under which the assignment takes place. The Idaho Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form encompasses various types, depending on the specific conditions under which the assignment is made. Some possible variations of this assignment document may include: 1. Idaho Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases — Long Form for Oil and Gas Leases: This specific variant of the assignment agreement pertains to the transfer of overriding royalty interests from the working interest owner to a third party in relation to oil and gas leases. It outlines the terms and provisions specific to these types of leases, taking into account the complexities and nuances of the oil and gas industry in Idaho. 2. Idaho Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases — Long Form for Mining Leases: Mining leases involve the extraction of valuable minerals or ores and often require separate considerations compared to oil and gas leases. This variant of the assignment agreement caters to the transfer of overriding royalty interests related to mining leases, covering specific aspects such as minerals, excavation rights, and environmental concerns in Idaho. 3. Idaho Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases — Long Form with Limited Warranty: The inclusion of "limited warranty" in this assignment indicates that the assignor (working interest owner) provides certain warranties and assurances regarding the assigned royalty interests. However, the extent of these warranties might be limited compared to a full warranty. This variant highlights the specific conditions and limitations of the warranty provided by the assignor. 4. Idaho Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases — Long Form for Renewable Energy Leases: With the growing significance of renewable energy sources, this variant of the assignment agreement pertains to the transfer of overriding royalty interests related to leases for renewable energy projects. It may address specific provisions related to wind, solar, geothermal, or hydroelectric leases, as Idaho seeks to embrace clean and sustainable energy options. In summary, the Idaho Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form covers various forms tailored to specific lease types and warranty conditions. These assignments provide a detailed framework for the transfer of royalty interests and serve as legally binding agreements in the state of Idaho.
Idaho Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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FAQ
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.
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 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.
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, ...
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.
: an interest in and royalty on the oil, gas, or minerals extracted from another's land that is carved out of the producer's working interest and is not tied to production costs compare royalty.
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.
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.