Oregon Assignment of After Payout Working Interest and the Right to Convert Overriding Royalty Interest to A Working Interest is a legal arrangement pertaining to energy and natural resources leases. This agreement allows for the transfer of ownership and control over certain interests in oil, gas, or mineral rights in the state of Oregon. In this assignment, the assignor, who currently holds the after payout working interest and the overriding royalty interest, transfers these rights to an assignee, thereby granting them the power to receive the working interest after the production costs and expenses have been recovered. Additionally, the assignee gains the ability to convert the overriding royalty interest into a working interest, providing them with more direct influence and control over the extraction and production operations. There are different types of Oregon Assignment of After Payout Working Interest and the Right to Convert Overriding Royalty Interest to A Working Interest, which may include: 1. Partial Assignment: This type of assignment involves the transfer of only a portion of the working interest and overriding royalty interest, leaving the assignor with a fractional ownership while granting the assignee the designated percentage of the rights. 2. Full Assignment: In this type of assignment, the assignor transfers the complete ownership and control of the after payout working interest and overriding royalty interest to the assignee, relinquishing all rights associated with the lease. 3. Temporal Assignment: This assignment type may have a predetermined duration or timeframe stipulated within the agreement. The assignee retains the after payout working interest and overriding royalty interest for a specific period before reverting to the original assignor. 4. Conditional Assignment: This assignment is subject to certain conditions and terms outlined in the agreement. It may involve specific production thresholds, financial criteria, or performance targets that determine the transfer of the rights from the assignor to the assignee. 5. No-Surface Operations Assignment: This type of assignment focuses solely on the extraction and production activities, excluding any surface operations. The assignee gains the working interest rights while the assignor retains surface operation responsibilities. The Oregon Assignment of After Payout Working Interest and the Right to Convert Overriding Royalty Interest to A Working Interest can be a complex legal instrument that requires detailed documentation, thorough understanding of rights and obligations, and compliance with applicable laws and regulations. It is advisable to consult legal professionals experienced in energy and natural resource law while drafting or entering into such agreements.
Oregon Assignment of After Payout Working Interest and the Right to Convert Overriding Royalty Interest to A Working 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.
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.
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.
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.
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 (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.