The Nebraska Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document used to transfer ownership of a royalty interest from one party to another in the state of Nebraska. This assignment is applicable when the original working interest owner wishes to assign a portion of their overriding royalty interest to another party, while retaining certain limited warranty protections. Key terms relevant to this document include: 1. Nebraska: This assignment is specifically tailored to comply with the legal requirements and regulations governing royalty interest transfers in the state of Nebraska. 2. Assignment: Refers to the act of transferring ownership and rights of an overriding royalty interest from the assignor (original owner) to the assignee (new owner). 3. Overriding Royalty Interest: Represents a share of future profits derived from the production or extraction of oil, gas, or minerals on a property. It is separate from the working interest and is created by a contractual agreement, allowing the owner (assignee) to receive a percentage of the revenue generated. 4. Working Interest: Indicates the ownership interest in an oil, gas, or mineral lease that bears the cost of exploration, drilling, and production operations. The working interest owner is entitled to a share of the produced resources based on their percentage ownership. 5. Multiple Leases: Refers to the situation where the overriding royalty interest being assigned is associated with multiple leases. These leases may cover different parcels of land but are typically owned or operated by the same working interest owner. 6. Limited Warranty: In this assignment, the assignor provides limited warranty protections to the assignee. This means that the assignor guarantees that they have the right to assign the overriding royalty interest but does not provide any further assurances regarding the title or ownership of the leased property. Types of Nebraska Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form may vary based on the specific terms of the agreement, ownership structures, or additional clauses included. Some variants may cover different property locations, varying percentages of overriding royalty interests being assigned, or specific limitations on the warranty provided by the assignor. It is important to consult a legal professional to ensure compliance with state-specific regulations and to properly draft the assignment document to meet the needs of all parties involved.
Nebraska Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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FAQ
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.
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.
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, ...
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.
: an interest in and royalty on the oil, gas, or minerals extracted from another's land that is carved out of the producer's working interest and is not tied to production costs compare royalty.
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.