A Nevada Assignment of Overriding Royalty Interest For A Term of Years is a legal document used in the state of Nevada to transfer ownership of an overriding royalty interest for a specific period of time. This type of assignment is common in the oil and gas industry, where parties can sell or assign their share of profits from the extraction and production of oil and gas. The overriding royalty interest refers to a share of revenue or profits from the sale of oil and gas, which is calculated separately from the regular royalty payments made to the mineral rights' owner. By assigning this interest, the assignor transfers their right to receive a portion of the profits to another party, known as the assignee. The assignment may specify a term of years, meaning that the overriding royalty interest will be transferred for a specific period, such as 5 years, 10 years, or any other duration agreed upon by the parties involved. At the end of the term, the ownership of the overriding royalty interest reverts to the assignor unless renewed or assigned to another party. There can be various types of Nevada Assignments of Overriding Royalty Interest For A Term of Years, depending on the specific terms and conditions outlined in the agreement. These may include: 1. Fixed-Term Assignments: In this type, the overriding royalty interest is transferred for a predetermined period, after which the rights revert to the assignor. 2. Renewable Assignments: Here, the overriding royalty interest is transferred for a specific term, but the agreement allows for renewal at the end of the term if both parties agree. 3. Transferable Assignments: This type allows the assignee to transfer the overriding royalty interest to another party within the specified term, subject to certain conditions and approvals. 4. Exclusive Assignments: In an exclusive assignment, the assignor agrees not to assign or transfer the overriding royalty interest to any other party during the term of the agreement. 5. Non-Exclusive Assignments: Unlike exclusive assignments, non-exclusive assignments allow the assignor to transfer the overriding royalty interest to multiple parties simultaneously during the term. These types of Nevada Assignments of Overriding Royalty Interest For A Term of Years is designed to facilitate the transfer of ownership and distribution of profits from oil and gas production. They provide legal clarity and certainty to both parties involved and help to ensure a fair and equitable distribution of revenue during the specified term.
Nevada Assignment of Overriding Royalty Interest For A Term of Years
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FAQ
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.
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 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.
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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
