Title: Understanding the Mississippi Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form Introduction: A Mississippi Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that facilitates the transfer of overriding royalty interest (ORRIS) from a working interest (WI) owner to another party in Mississippi. This article aims to provide a detailed description of this assignment, outlining its purpose, key components, and variations if applicable. Keywords: Mississippi, Assignment, Overriding Royalty Interest, Working Interest, Multiple Leases, Limited Warranty, Long Form 1. Purpose and Importance: The Mississippi Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is crucial for facilitating the transfer of the ORRIS ownership rights. It establishes the legal framework for transferring the overriding royalty interest, which is the right to a percentage of the overall production revenue, from the working interest owner. 2. Key Components: a) Overriding Royalty Interest (ORRIS): Refers to the right to collect a percentage of revenue from oil, gas, or mineral production generated from the lease(s). b) Working Interest (WI): Represents the ownership interest in the lease(s) that bears costs, liabilities, and a share of production. c) Multiple Leases: This assignment often involves more than one lease, each with its unique terms, conditions, and production attributes. d) Limited Warranty: Provides limited assurance to the assignee that the WI owner has the authority to transfer the ORRIS and that there are no undisclosed encumbrances on the assigned interest. 3. Types of Mississippi Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form: While the general structure and essence of this assignment remain similar, it can vary based on specific requirements or circumstances. Here are a few possible variations: a) Joint Venture Assignment of Overriding Royalty Interest: In cases where multiple parties collaborate to exploit oil or gas reserves, a joint venture agreement may be required to detail the ORRIS assignment terms. b) Limited Liability Company Assignment of Overriding Royalty Interest: If the WI owner is a limited liability company (LLC), this type may include additional provisions specific to LCS and the assignment process. c) Non-Compete Clause Assignment of Overriding Royalty Interest: Certain agreements might incorporate non-compete clauses, restricting the assignee from entering similar ventures in the vicinity of the assigned lease(s). Conclusion: Understanding the Mississippi Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is crucial for parties involved in the transfer of ORRIS rights. This legal document ensures a smooth and legally compliant process, outlining the rights, obligations, and limitations of both the assignor and assignee. Keywords: Mississippi, Assignment, Overriding Royalty Interest, Working Interest, Multiple Leases, Limited Warranty, Long Form, ORRIS, WI, Joint Venture, LLC, Non-Compete Clause.
Mississippi Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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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.
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.
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 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.
In contrast to a royalty interest, a working interest refers to an investment in an oil and gas operation where the investor does bear some costs for exploration, drilling and production. An investor holding a royalty interest bears only the cost of the initial investment and isn't liable for ongoing operating costs.
What Is Working Interest? Working interest is a term for a type of investment in oil and gas drilling operations in which the investor is directly liable for a portion of the ongoing costs associated with exploration, drilling, and production.
An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.
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.