Louisiana Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)

State:
Multi-State
Control #:
US-OG-940
Format:
Word; 
Rich Text
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Description

This form is an assignment of overriding royalty interest for a non-producing, single lease with reserves the 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.

You can be forced pooled, however, in LA, you cannot be forced to participate (come up with your share in advance), nor can you be penalized for not participating (in that you are not charged more than your share of the well cost for not participating).

To calculate the number of net royalty acres I'm selling, I use this formula: [acres in tract] X [% of minerals owned] X 8 X [royalty interest reserved in lease] X [fraction of royalty interest being sold]. 640 acres X 25% X 8 X 1/4 X 1/2 = 160 net royalty acres.

Overriding Royalty Interests To calculate the ORRI, multiply the gross production revenue by the ORRI interest percentage, and the figure gotten is what the ORRI owner is entitled to.

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.

A gross overriding royalty entitles the owner to a share of the market price of the mined product as at the time they are available to be taken less any costs incurred by the operator to bring the product to the point of sale.

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.

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Louisiana Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)