The Oklahoma Assignment of Overriding Royalty Interest for Multiple Leases is a legal document that transfers the overriding royalty interest (ORRIS) from one party to another. An ORRIS is the right to receive a percentage of the proceeds from the production of oil, gas, or other minerals from leased land. This particular assignment is unique because it assigns the difference between a specified percentage and the existing leasehold burdens. In other words, it transfers the remaining percentage of the ORRIS that is not already burdened by prior leases or obligations. There are several types of Oklahoma Assignment of Overriding Royalty Interest for Multiple Leases — Interest Assigned Is Difference Between Specified Percentage and Existing Leasehold Burdens: 1. Standard Assignment: This type of assignment is used when a party wants to transfer the ORRIS without any specific conditions or limitations. It simply transfers the difference between the specified percentage and existing leasehold burdens. 2. Conditional Assignment: This type of assignment includes specific conditions that must be met before the ORRIS is transferred. For example, the assignee may require the assignor to provide evidence of the existing leasehold burdens and any liens or encumbrances on the property. 3. Partial Assignment: In some cases, the assignor may only want to transfer a portion of their ORRIS. This is called a partial assignment and allows the assignor to retain ownership of a percentage of the ORRIS while transferring the remaining percentage. 4. Reverse Assignment: This type of assignment is used when the assignor wants to transfer the burdened portion of the ORRIS instead of the unburdened portion. It allows the assignor to relieve themselves of existing leasehold burdens while retaining ownership of the unburdened ORRIS. 5. Multiple Assignments: If there are multiple leases involved, the assignment may be structured to transfer the ORRIS for each lease separately. This ensures that the assignee receives the specified percentage of the production proceeds from each lease individually. Overall, the Oklahoma Assignment of Overriding Royalty Interest for Multiple Leases — Interest Assigned Is Difference Between Specified Percentage and Existing Leasehold Burdens provides a mechanism for parties to transfer their ORRIS, taking into account any existing leasehold burdens.
Oklahoma Assignment of Overriding Royalty Interest for Multiple Leases - Interest Assigned Is Difference Between Specified Percentage and Existing Leasehold Burdens
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FAQ
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.
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.
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 ...
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.
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, ...
