An Indiana Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that grants an individual or entity the right to receive a portion of the proceeds from oil, gas, or mineral production on a designated lease in Indiana. This document contains various important clauses and provisions that ensure the assignee's rights and interests are protected. Keywords: Indiana, Assignment of Overriding Royalty Interest, Non-Producing, Single Lease, Reserves Right to Pool, oil, gas, mineral production, legal document, rights, interests. Different types of Indiana Assignment of Overriding Royalty Interest may include: 1. Indiana Assignment of Overriding Royalty Interest (Non-Producing): This type of assignment applies to leases where there is no current production of oil, gas, or minerals. It grants the assignee the right to receive a percentage of the future production once it begins. 2. Indiana Assignment of Overriding Royalty Interest (Single Lease): This type of assignment pertains to a specific lease, meaning it only applies to one particular property or area designated in the lease agreement. The assignee's rights and interests are limited to this lease alone. 3. Indiana Assignment of Overriding Royalty Interest (Reserves Right to Pool): In this assignment, the assignee's interest includes the right to pool or combine their royalty interest with other adjacent leaseholders. Pooling allows for efficient extraction of oil, gas, or minerals from the area and often results in increased production and profitability. In conclusion, an Indiana Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legally binding document that bestows rights to receive a portion of the proceeds from oil, gas, or mineral production. It ensures the assignee's interests are protected and can vary based on the specific circumstances, such as the production status, number of leases, and pooling provisions.
Indiana Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)
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FAQ
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.
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 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.
Participating Royalty Interest (NPRI) is an interest in oil and gas production which is created from the mineral estate. Like the plain ?royalty interest? it is expensefree, bearing no operational costs of production.
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 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.
