Oklahoma Partial Assignment of Oil, Gas, and Mineral Leases Reserving An Overriding Royalty Interest

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Multi-State
Control #:
US-OG-269
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Word; 
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Description

This form is used by the Assignor to transfer, assign, and convey to Assignee interests in leases and all oil, gas and other minerals produced, saved and sold from the Lease and Land.

How to fill out Oklahoma Partial Assignment Of Oil, Gas, And Mineral Leases Reserving An Overriding Royalty Interest?

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FAQ

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.

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.

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.

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.

Any partial assignment of any lease shall segregate the assigned and retained portions thereof, and as above provided, release and discharge the assignor from all obligations thereafter accruing with respect to the assigned lands; and such segregated leases shall continue in full force and effect for the primary term ...

Royalty interest in the oil and gas industry refers to ownership of a portion of a resource or the revenue it produces. A company or person that owns a royalty interest does not bear any operational costs needed to produce the resource, yet they still own a portion of the resource or revenue it produces.

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.

More info

Transfers include record title and overriding royalty assignments, operating rights transfers, mergers, name changes, and estate transfers. How to fill out Partial Assignment Of Oil, Gas, And Mineral Leases Reserving An Overriding Royalty Interest? When it comes to drafting a legal form, it's better ...The term "nonoperating interest" should be carefully defined to include overriding royalties, production payments, net profits interests, convertible interests, ... by DE Pierce · Cited by 23 — HE most common transaction affecting title to leased minerals is the assignment of rights in an oil and gas lease. Oil and gas leases are the. 2. The Assignor reserves an overriding royalty interest equal to the difference between 80.00% of 8/8th net revenue interest and any existing burdens. The ... 21 Aug 2023 — Assignor's reserved overriding royalty interest shall not bear any costs related to drilling, completing, equipping and operating, but such ... Commingling Agreement (Among Working Owners, Production from Different formations...) Partial Assignment of Interest in Oil and Gas Lease (Converting Overriding ... The best way to modify Partial Assignment of Oil, Gas, and Mineral Leases Reserving An Overriding Royalty Interest in PDF format online. Form edit decoration. by DE Pierce · 1990 · Cited by 23 — (v) 'Overriding royalty' means a share of production, free of the costs of production, carved out of the lessee's interest under an oil and gas lease;. (vi) ... 26 Jun 2012 — For example, if the desired result is that the division credit a party with a 0.03000000 overriding royalty interest, the grant or reservation ...

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Oklahoma Partial Assignment of Oil, Gas, and Mineral Leases Reserving An Overriding Royalty Interest