An Oregon Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage refers to a legal document that allows a working interest owner (the assignor) in an oil, gas, or mineral lease to transfer a portion of their overriding royalty interest to another party (the assignee) in the state of Oregon. This assignment can occur based on a stated percentage, specifying the exact portion of the overriding royalty interest being transferred. Keywords: Oregon, Assignment, Overriding Royalty Interest, Working Interest Owner, Single Lease, Stated Percentage There may be different types or variations of the Oregon Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage, depending on specific circumstances or requirements. These could include: 1. Partial Assignment: This type of assignment occurs when the working interest owner transfers only a portion of their overriding royalty interest, maintaining a percentage for themselves while assigning the remaining percentage to the assignee. 2. Full Assignment: In this type of assignment, the working interest owner transfers their entire overriding royalty interest to the assignee, relinquishing all rights and benefits associated with it. 3. Specific Lease Assignment: This variation of the assignment refers to when the overriding royalty interest being transferred is tied to a specific lease, rather than a general assignment covering multiple leases. 4. Variable Percentage Assignment: Sometimes, an assignment may involve a variable percentage of the overriding royalty interest. This means that the assigned percentage could change over time or depending on certain conditions. 5. Temporary Assignment: This type of assignment may involve the temporary transfer of the overriding royalty interest for a specific duration, after which the interest reverts to the original working interest owner. 6. Assignment with Conditions: In certain cases, an assignment may include specific conditions or terms that need to be met for the transfer of overriding royalty interest to take effect. It is important to consult legal professionals or experts in Oregon's oil, gas, and mineral rights laws to understand the specific requirements and variations of the Oregon Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage and to ensure compliance with applicable regulations.
Oregon Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage
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How to fill out Oregon Assignment Of Overriding Royalty Interest By Working Interest Owner, Single Lease, Stated Percentage?
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Overriding Royalty Interest (ORRI) 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.
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 ...
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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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, ...
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.
