The form is used when the Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all of the oil, gas and other minerals produced, saved and marketed from the Lease equal to a pecentage of 8/8 (the Override ).
In Ohio, an Assignment of Overriding Royalty Interest in the Overriding Royalty Interest Owner, without Proportionate Reduction, is a legal document that transfers the right to receive a share of the revenue from a specific oil or gas lease. The Assignment typically involves the transfer of ownership from the current Overriding Royalty Interest (ORRIS) owner to another party, without any reduction in the proportionate share of the revenue received. The ORRIS is a type of royalty interest that is usually created in addition to the mineral rights owned by the lessor or another party. It entitles the owner to a percentage share of the revenue generated from the production and sale of oil or gas on the leased property, irrespective of the production costs. There are different types of Ohio Assignment of Overriding Royalty Interest in the Overriding Royalty Interest Owner, without Proportionate Reduction: 1. Absolute Assignment: This type of Assignment transfers the ORRIS ownership entirely. The current ORRIS owner relinquishes all rights and interests in the royalty to the assignee. 2. Partial Assignment: In this type of Assignment, the ORRIS owner transfers only a portion of their interest in the royalty to the assignee. The assignee becomes entitled to a specific percentage or fraction of the ORRIS revenue. 3. Temporary Assignment: This type of Assignment is temporary and time-bound. The ORRIS owner allows another party to receive the revenue from the royalty interest for a specific period, usually under certain conditions or agreements. 4. Permanent Assignment: As the name suggests, a permanent Assignment involves the complete and irrevocable transfer of the ORRIS ownership to the assignee. The assignee assumes all rights, responsibilities, and obligations associated with the royalty interest. When an Assignment of Overriding Royalty Interest is made without Proportionate Reduction, it means that the assignee will receive the same proportionate share of the revenue as the original ORRIS owner, without any reduction or alteration. This ensures that the assignee doesn't lose out on their rightful share of the revenue, maintaining the same terms and conditions as the original agreement. Overall, an Ohio Assignment of Overriding Royalty Interest in the Overriding Royalty Interest Owner, without Proportionate Reduction, allows for the transfer of ORRIS ownership without affecting the proportionate share of revenue received. It provides a means for ORRIS owners to monetize their interest or transfer their rights to another party, ensuring the uninterrupted flow of revenue from oil or gas production.
