A North Carolina Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage is a legal document that transfers the ownership of a specified percentage of overriding royalty interest from the working interest owner to another party in relation to a single lease in North Carolina. This document is commonly used in the oil and gas industry and helps parties establish their rights, ownership, and responsibilities regarding royalty interests. Keywords: North Carolina, Assignment, Overriding Royalty Interest, Working Interest Owner, Single Lease, Stated Percentage Types of North Carolina Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage: 1. General Assignment: This type of assignment involves the transfer of a specified percentage of overriding royalty interest from a working interest owner to another party. It is a broad assignment that applies to all aspects of the single lease. 2. Partial Assignment: A partial assignment of overriding royalty interest in a working interest owner involves the transfer of a specified percentage of overriding royalty interest for a specific portion or section of the single lease. This type of assignment can be made when there are multiple sections within a lease, and the working interest owner wishes to retain ownership of some sections while transferring ownership of others. 3. Time-Limited Assignment: In a time-limited assignment, the transfer of overriding royalty interest is valid only for a specified period or until certain conditions are met. This type of assignment provides flexibility to the parties involved and allows for the potential reversion of ownership after the specified time or conditions have lapsed. 4. Multi-Party Assignment: A multi-party assignment involves the transfer of overriding royalty interest in multiple working interest owners to one or more parties. This type of assignment can occur when there are multiple individuals or entities who collectively own the working interest and wish to assign their respective overriding royalty interest to a single recipient. 5. Renewal Assignment: A renewal assignment is executed when the initial assignment of overriding royalty interest has expired or is approaching expiration. This allows the working interest owner to extend the ownership transfer for a specified period or under revised terms and conditions. Overall, a North Carolina Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage provides a legal framework for the transfer of overriding royalty interest in North Carolina. It helps establish ownership rights, percentages, and other relevant terms that govern the relationship between the working interest owner and the recipient of the royalty interest.
North Carolina Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage
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How to fill out Assignment Of Overriding Royalty Interest By Working Interest Owner, Single Lease, Stated Percentage?
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FAQ
Overriding Royalty Interest (ORRI) 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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
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.
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.
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, ...
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.
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.
