This form is used when an Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ), reserving the right to pool the assigned interest.
An Oregon Assignment of Overriding Royalty Interest (ORRIS) when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal document used in the state of Oregon to transfer the rights of an overriding royalty interest from one party to another. In this specific type of assignment, the assignor reserves the right to pool the assigned interest, allowing them to combine their interest with other parties for collective development and production purposes. The Oregon Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form serves as a contractual agreement between the assignor, the party transferring the interest, and the assignee, the party receiving the interest. It outlines the terms and conditions of the assignment, including the royalty interest being transferred, any reserved rights, and the assignee's obligations and responsibilities. This specific form is also used to specify that the assignor has the privilege to combine or pool their assigned interest with other parties. Pooling enables multiple parties to collectively develop and extract resources from a specific area, reducing costs and optimizing efficiency. By preserving this right, the assignor retains the flexibility to participate in joint ventures and benefit from shared resources while still transferring their overriding royalty interest to the assignee. Different types or variations of the Oregon Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form may exist depending on specific details, such as the percentage of royalty interest being transferred, the duration of the assignment, or any additional clauses tailored to the assignor's and assignee's preferences. Keywords: Oregon, Assignment of Overriding Royalty Interest, assignor, reserves the right, pool, short form, legal document, overriding royalty interest, transfer, contractual agreement, assignee, terms and conditions, reserved rights, obligations, responsibilities, collective development, production, resources, parties, flexibility, joint ventures, shared resources, variation, percentage, duration, clauses.
