The Louisiana Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest is a legal document that transfers a portion of the rights and interests in an oil and gas lease to another party while also reserving the right to receive overriding royalty payments. This assignment allows the assignor to maintain a beneficial interest in the lease while sharing ownership and enjoyment of the property with the assignee. Keywords: Louisiana, assignment, partial interest, oil and gas lease, overriding royalty interest, property, rights, interests, ownership, enjoyment. There are different types of Louisiana Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest that can be categorized based on various factors, including the specific details about the partial interest being transferred, the terms of the overriding royalty interest, and the parties involved. These types may include: 1. Assignment of a Percentage Interest: This type of assignment involves the transfer of a specific percentage or fraction of the assignor's interest in the oil and gas lease. The assignee becomes a co-owner of the lease and is entitled to a proportionate share of the resulting benefits. 2. Assignment of a Specific Tract or Area: In this type of assignment, the assignor transfers the partial interest in a specific tract or area covered by the oil and gas lease. This can be useful when the lease encompasses multiple tracts, and the assignor wishes to retain ownership and control over certain areas. 3. Assignment with Specific Benefits: This type of assignment specifies additional benefits or rights for the assignor, such as the right to receive a higher percentage of the overriding royalty interest, certain preferential payments, or other advantages negotiated between the parties. 4. Temporary Assignment: A temporary assignment is when the partial interest is transferred for a limited period, after which the rights and interests revert to the assignor. This type of assignment can be useful in cases where the assignor wants to maintain long-term control over the property but desires temporary financial assistance or expertise from the assignee. 5. Assignment with Special Conditions: This type of assignment includes specific conditions or restrictions imposed on the assignee. For instance, the assignee may be required to adhere to certain environmental regulations or land use restrictions to protect the assignor's interests and the property itself. Overall, the Louisiana Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest is a legal mechanism that allows for the transfer of a partial interest in an oil and gas lease while reserving certain rights and benefits for the assignor. The exact type of assignment can vary based on the nature of the partial interest, the terms of the overriding royalty interest, and the needs and objectives of the parties involved.
Louisiana Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest
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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.
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 ...
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, ...
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
If at any time Assignee desires to transfer or dispose of all or any portion of the Overriding Royalty Interest, Assignee must first give to Assignor written notice thereof stating: (a) the amount of the Overriding Royalty Interest offered by Assignee; (b) the form of consideration (which shall be either cash or a ...
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.
