Oregon Assignment of Overriding Royalty Interests in Multiple Leases is a legal document that allows the transfer of overriding royalty interests (ORI) from one party to another for multiple leases in the state of Oregon. Keywords: Oregon, Assignment of Overriding Royalty Interests, Multiple Leases, ORI, transfer, legal document In Oregon, when multiple leases are involved, the Assignment of Overriding Royalty Interests serves as a mechanism for transferring these interests from the assignor to the assignee. The assignor, also known as the transferor, voluntarily transfers their right to receive a percentage of the proceeds from the production of minerals or oil and gas from the leases to the assignee, also known as the transferee. The Assignment of Overriding Royalty Interests in Multiple Leases outlines the terms and conditions of the transfer, including the percentage of overriding royalty interests being assigned, the effective date of the assignment, and any additional provisions agreed upon by both parties. There can be various types of Oregon Assignment of Overriding Royalty Interests in Multiple Leases, depending on the specific terms and circumstances of the transfer. Some common types include: 1. Partial Assignment: This type of assignment involves transferring only a portion of the overriding royalty interests to the assignee while retaining the remaining interests. 2. Full Assignment: In a full assignment, the assignor transfers their entire overriding royalty interests in the multiple leases to the assignee, relinquishing all rights to receive royalties. 3. Proportional Assignment: This type of assignment may occur when different overriding royalty interests are assigned based on the proportionate production or value of each lease. 4. Non-Participating Assignment: A non-participating assignment allows the assignee to receive a percentage of the overriding royalty interests, but they do not have the right to actively participate in the lease's operations or decisions. It is essential for both parties involved in the Assignment of Overriding Royalty Interests in Multiple Leases to carefully review and understand the terms outlined in the document. Seeking professional legal advice is highly recommended ensuring compliance with Oregon state laws and to protect the rights and interests of both the assignor and assignee.
Oregon Assignment of Overriding Royalty Interests for Multiple Leases
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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 ...
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.
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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.