The Nevada Assignment of Overriding Royalty Interest — Short Form is a legal document utilized in the oil and gas industry. This agreement allows the assignment of overriding royalty interests (ORRIS) from one party to another in the state of Nevada. An overriding royalty interest is a specific type of royalty interest in an oil and gas lease that grants the holder the right to a portion of the revenue generated from the lease, typically in addition to the regular lease royalty. This additional royalty interest is often created for parties involved in the development, production, or financing of the oil and gas project. The Nevada Assignment of Overriding Royalty Interest — Short Form outlines the terms and conditions of the assignment, providing a detailed description of the overriding royalty interest being transferred. It includes important information such as the names of the assignor (the party transferring the ORRIS) and the assignee (the party receiving the ORRIS). Additionally, it highlights key details regarding the oil and gas lease, such as the lease operator's name, location, and term. The document specifies the percentage or fraction of the overriding royalty interest being assigned, along with any rights, benefits, and obligations associated with it. It also includes provisions related to the transfer of payments and potential future assignments. Although the specific name "Nevada Assignment of Overriding Royalty Interest — Short Form" suggests a standardized template, there may be variations or multiple forms available. These variations may differ in terms of specific language, additional provisions, or alternate layouts. Some alternate names for similar forms include Nevada ORRIS Assignment Agreement or Nevada ORRIS Transfer Agreement. It is crucial to consult with legal professionals or experienced industry experts to ensure compliance with Nevada laws and industry standards when drafting or utilizing the Nevada Assignment of Overriding Royalty Interest — Short Form. As oil and gas agreements involve substantial financial implications, careful consideration of the terms and conditions outlined in the document is essential for all parties involved.
Nevada Assignment of Overriding Royalty Interest - Short Form
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FAQ
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
What Determines the Value of an Overriding Royalty Interest? Mineral interest location. One in a shale basin with high production is worth more. Producing oil and gas wells. Wells currently producing are valued more. ... Production reserves and levels. ... Prices.
There are three main types of royalty interests: Overriding royalty interest: Unlike mineral and royalty interests, an overriding royalty interest runs with a lease and not with the land. Therefore, they only remain in effect for as long as a lease is in effect and they expire when a lease expires.
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.
An overriding royalty interest (ORRI) is an interest carved out of a working interest.
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, ...
If at any time Assignee desires to transfer or dispose of all or any portion of the Overriding Royalty Interest, Assignee must first give to Assignor written notice thereof stating: (a) the amount of the Overriding Royalty Interest offered by Assignee; (b) the form of consideration (which shall be either cash or a ...
