Title: Understanding the Oregon Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form Introduction: In the state of Oregon, the Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document used to transfer the rights to receive overriding royalty interests. These interests are derived from working interests in multiple leases within the state. This comprehensive document serves to clarify the responsibilities, rights, and limitations associated with such assignments. Here, we explore the intricacies of this long-form assignment, along with potential variations. 1. Essential Elements of an Oregon Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form— - Working Interest Definition: This section outlines the working interest in the multiple leases, ensuring clarity for all parties involved. — Overriding Royalty Interest Definition: The document specifies the overriding royalty interests being assigned and the percentage allocated to the assignee. — Lease Identification: Identifying and describing each lease is important to ascertain the precise rights and obligations involved. — Term and Obligations: The assignment's duration, any applicable obligations, and potential termination clauses are detailed. — Compensation and Royalty Payments: The terms governing the payment of royalties to the assignee are clearly outlined, including any adjustments or reserving rights. — Limited Warranty Clause: This clause defines the limited warranty provided by the assignor while addressing any restrictions or limitations. 2. Potential Variations of the Oregon Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form: a. Single Lease Variation: In some cases, the assignment may involve a single lease instead of multiple leases, altering the scope but retaining the majority of provisions. b. Enhanced Limited Warranty: This variation may involve additional warranties, explicitly stating certain conditions or qualifications that affect the overriding royalty interest. c. Extended Term Assignment: Unlike the standard duration, an extended term assignment may be drafted to accommodate longer or specific timeframes, providing clarity for parties involved. d. Conditional Assignment: This type of assignment may impose certain conditions for the transfer of overriding royalty interests, such as specific performance criteria or triggering events. Conclusion: The Oregon Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a carefully crafted legal document that establishes the terms and conditions of transferring overriding royalty interests from working interests in multiple leases. By understanding the core elements and potential variations, parties involved can ensure the rights, obligations, and protections associated with these assignments are clearly defined, fostering transparency and peace of mind in their oil and gas operations in Oregon.
Oregon Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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FAQ
Like Royalty Interest (RI), an ORRI ends when the oil and gas lease ends. ORRI and MI/RI (mineral/royalty) interests in the same tract of land may be valued differently. Unlike the mineral interest, which lasts in perpetuity, overriding royalties expire with the lease.
You may convey overriding royalty interest on either an Assignment of Record Title Interest (Form 3000-3), a Transfer of Operating Rights (Form 3000-3a), or on a private assignment. We only require filing of one signed copy per assignment plus a nonrefundable filing fee found at 43 CFR 3000.12.
Several factors determine the value of an overriding royalty interest in a working lease. They include: Location ? A mineral interest in high producing shale basins will be more valuable. Producing Wells ? Producing wells are valued higher than non-producing wells.
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.
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.
What Is Working Interest? Working interest is a term for a type of investment in oil and gas drilling operations in which the investor is directly liable for a portion of the ongoing costs associated with exploration, drilling, and production.
Calculating Overriding Royalty Interest An ORRI is a straight percentage. For example, a 2% override would appear on the royalty statement as 0.02 interest in the proceeds from the sale of the leased hydrocarbons.
An overriding royalty interest (ORRI) is an undivided interest in a mineral lease giving the holder the right to a proportional share (receive revenue) of the sale of oil and gas produced. The ORRI is carved out of the working interest or lease.