Maine Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) A Maine Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) refers to a legal agreement in the state of Maine that transfers the rights to receive royalties from a non-producing oil or gas lease. This assignment allows the assignee to collect a portion of the proceeds derived from the production and sale of oil and gas on the leased property. Keywords: Maine Assignment of Overriding Royalty Interest, Non-Producing, Single Lease, Reserves Right to Pool, royalties, oil, gas, leased property, legal agreement Types of Maine Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool): 1. Non-Producing: This type of assignment applies to leases where oil or gas production has not yet commenced. The assignee acquires the right to receive overriding royalties once production begins on the leased property. 2. Single Lease: This designation refers to an assignment that applies to a specific lease rather than multiple leases. It provides the assignee with the right to collect overriding royalties from a single oil or gas lease in Maine. 3. Reserves Right to Pool: This type of assignment includes a provision that reserves the right to pool the leased property with adjacent properties. Pooling allows operators to combine resources and increase production efficiency. The assignee retains the overriding royalty interest in the event of pooling, ensuring continued payments. Overall, a Maine Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) grants a third party the right to receive a percentage of the royalties generated from oil or gas exploration and production on a specific non-producing lease in Maine. It is essential to have a clear understanding of the terms and provisions outlined in the assignment agreement to ensure a fair and mutually beneficial arrangement for all parties involved.
Maine Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)
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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.
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.
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.
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.
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.
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.
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.
