The Michigan Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that involves the transfer of a portion of the royalty interest from a non-producing oil or gas lease in Michigan. This agreement allows the granter to retain the right to pool the lease with other adjoining leases, maximizing the potential for future production and profits. Keywords: Michigan Assignment of Overriding Royalty Interest, non-producing lease, single lease, reserves right to pool, oil and gas, royalty interest, transfer, granter, potential production, profits. Different types of Michigan Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) can include variations based on specific lease agreements, parties involved, and additional provisions. Some possible variations may include: 1. Michigan Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool with Working Interest): This type of assignment involves the transfer of both overriding royalty interest and working interest, allowing the assignee to have an active role in the operations and decision-making of the lease. 2. Michigan Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool with Right of First Refusal): This variation may include a provision where the granter grants the assignee the right of first refusal if they decide to sell or transfer their overriding royalty interest in the future. 3. Michigan Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool with Minimum Royalty): In this scenario, the assignment includes a minimum royalty provision, ensuring that the assignee receives a fixed amount of royalty even if the production from the lease is minimal. 4. Michigan Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool with Re completion Option): This type of assignment gives the granter the right to recompletion, allowing them to rework or enhance the production capabilities of the lease to increase the overall royalty payouts. 5. Michigan Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool with Enhanced Royalty): In this variation, the assignee receives an enhanced royalty percentage compared to the standard rates in exchange for assuming the risk associated with a non-producing lease. These variations showcase how the Michigan Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) can be customized to meet the specific needs and preferences of the involved parties.
Michigan Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)
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FAQ
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.
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.
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.
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.
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.
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, ...
