New Mexico Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that allows for the transfer of ownership and rights to an overriding royalty interest in mineral leases located in New Mexico. This assignment is typically utilized in situations where the working interest owner wishes to transfer or assign a portion of their royalty interest to another party. Keywords: New Mexico, Assignment, Overriding Royalty Interest, Working Interest, Multiple Leases, Limited Warranty, Long Form. Different types of New Mexico Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form: 1. Individual Assignment: This type of assignment is utilized when a single individual is transferring a portion of their overriding royalty interest to another party. It involves the legal transfer of rights and ownership to the specified party. 2. Corporate Assignment: In situations where a corporation or company owns the working interest and wishes to transfer or assign a portion of their overriding royalty interest, a corporate assignment is used. This allows for the transfer of rights and ownership to another entity or individual. 3. Partial Assignment: A partial assignment occurs when only a portion of the overriding royalty interest is being transferred or assigned. This could be a percentage or a specific fraction of the total interest owned by the working interest owner. 4. Full Assignment: A full assignment involves the complete transfer of the overriding royalty interest from the working interest owner to another party. This means that the assignee acquires the entirety of the rights and ownership associated with the interest. 5. Limited Warranty Assignment: This type of assignment includes a limited warranty, which means that the assignor guarantees that they have the right to transfer the overriding royalty interest but does not provide an absolute warranty against any potential defects in the title or ownership. This limited warranty assignment can help protect the assignee from any unforeseen claims or disputes regarding the interest. Overall, the New Mexico Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legally binding document that facilitates the transfer or assignment of overriding royalty interest in mineral leases located in New Mexico. The document can come in different types, depending on the nature of the assignment and the parties involved. It is essential for all parties to carefully review and understand the terms and conditions outlined in the assignment before proceeding with the transfer of interest.
New Mexico 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.
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.
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 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 overriding royalty agreement is a contract that gives an entity the right to receive revenue from certain productions or sales. The specific type of occurence that royalties are required to be paid on is included in the overriding royalty agreement.
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.
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 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.