New York Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form: A Comprehensive Overview Introduction: The New York Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that outlines the transfer of a portion of the royalty interest from the working interest owner to another party in the state of New York. This assignment provides detailed provisions to ensure the rights and responsibilities of all involved parties are protected. Key Elements of the Assignment: 1. Parties: The assignment typically involves three main parties: the assignor (working interest owner), assignee (the party acquiring the overriding royalty interest), and relevant leaseholders. 2. Description of Overriding Royalty Interest: This document provides a detailed description of the overriding royalty interest being assigned, including the percentage or fractional interest and specific lease(s) pertaining to the working interest. 3. Lease Identification: The assignment specifies the lease(s) from which the royalty interest is being assigned. It may include details such as lease number, acreage, land description, and reference to the official lease document. 4. Limited Warranty: The long form assignment often includes a limited warranty clause in which the assignor attests that they have legal ownership and authority to transfer the overriding royalty interest. This clause protects the assignee from any prior claims, liens, or encumbrances on the royalty interest being assigned. 5. Acknowledgment of Leaseholders: The assignment requires the acknowledgment and consent of any relevant leaseholders whose rights may be affected by the assignment. This ensures transparency and compliance with lease agreements. 6. Terms and Conditions: The assignment outlines various terms and conditions governing the transfer, including the effective date, payment terms, and conditions for termination or assignment of the overriding royalty interest. 7. Governing Law: The document specifies that New York law governs the interpretation and enforcement of the assignment agreement. This helps ensure legal compliance and resolve disputes, if any. 8. Signatures and Notarization: The assignment usually requires the signatures of all involved parties, duly notarized, to validate the transfer and make the agreement legally binding. Additional Types of New York Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form: 1. Single Lease Assignment: This variation of the assignment involves the transfer of overriding royalty interest from the working interest owner to the assignee, but for a single specific lease rather than multiple leases. The provisions and clauses remain similar but are tailored to a single lease arrangement. 2. Partial Interest Assignment: In this type of assignment, only a specific percentage or fractional overriding royalty interest is transferred to the assignee, rather than the entire interest owned by the assignor. This allows for more specific allocation of royalties while maintaining the overall ownership of the assignor. Conclusion: The New York Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a comprehensive legal document that ensures the transfer of overriding royalty interest is conducted in accordance with New York law. It provides detailed provisions to protect the parties involved and facilitate a smooth and transparent transfer process. Additional variations of the assignment may exist based on specific lease arrangements or partial interest transfers.
New York Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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FAQ
Overriding Royalty Interests To calculate the ORRI, multiply the gross production revenue by the ORRI interest percentage, and the figure gotten is what the ORRI owner is entitled to.
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.
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.
To calculate the number of net royalty acres I'm selling, I use this formula: [acres in tract] X [% of minerals owned] X 8 X [royalty interest reserved in lease] X [fraction of royalty interest being sold]. 640 acres X 25% X 8 X 1/4 X 1/2 = 160 net royalty acres.
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.