A New Hampshire Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that transfers a portion of the royalty interest on a non-producing oil or gas lease in New Hampshire to another party. This assignment allows the assignee to receive a share of the future royalty payments generated by the lease. In this specific type of assignment, the overriding royalty interest is limited to a single lease in New Hampshire. The assignment also reserves the right to pool, meaning that the assignor can combine the leased property with other adjacent properties for more efficient development. The keywords relevant to this topic include: 1. New Hampshire: Refers to the state where the assignment takes place, indicating the jurisdiction and legal framework applicable to the transaction. 2. Assignment: The act of transferring ownership or rights from one party (assignor) to another (assignee) in a legally binding manner. 3. Overriding Royalty Interest: The interest that entitles the assignee to a share of the royalties generated from the lease, usually a percentage of the proceeds. 4. Non-Producing: Describes a lease that is not currently generating oil or gas production. It signifies that the lease is in the exploration or development phase, awaiting production activities. 5. Single Lease: Indicates that the assignment pertains to a specific lease agreement rather than multiple leases. 6. Reserves Right to Pool: The assignment preserves the assignor's right to combine or pool the leased property with adjacent properties, enabling more efficient extraction operations and potentially higher overall returns. It's important to note that these keywords are specific to the mentioned assignment type. There may be other types of New Hampshire Assignment of Overriding Royalty Interest agreements with different variations or additional terms and conditions.
New Hampshire 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.
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 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.
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.
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.
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.
