An Oregon Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal agreement that grants the assignment of a portion of the revenues generated from oil, gas, or mineral production on a specific lease in Oregon. This type of assignment is typically used when the assigned interest is not currently producing any resources but holds the potential for future development. The overriding royalty interest refers to a share of the production or revenues that is distinct from the regular royalty interest, which is usually owned by the lessor of the lease. The assignment allows an individual or entity to acquire this overriding royalty interest, entitling them to a percentage of the gross income generated by the lease. In the case of the Oregon Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool), it includes an additional provision that reserves the right to pool the assigned interest. Pooling refers to the practice of combining multiple leases or tracts of land to optimize production efficiency and extract resources more effectively. This provision ensures that the assignment includes the right to participate in future pooling activities if deemed necessary. Different types of Oregon Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) may exist based on specific variations in the terms and conditions. The assignment can vary in the percentage of overriding royalty interest assigned, the duration of the assignment, and the specific language surrounding the right to pool. In summary, an Oregon Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal agreement allowing the transfer of a non-producing overriding royalty interest on a single lease in Oregon, while also reserving the right to participate in future pooling activities. This type of assignment provides an opportunity for investors or parties interested in potential future developments to acquire a share of the lease's revenues.
Oregon Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)
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FAQ
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 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.
Several things determine what the ORRI value is, including: 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.
Transfer by deed: You can sell your mineral rights to another person or company by deed. Transfer by will: You can specify who you want to inherit your mineral rights in your will. Transfer by lease: You can lease mineral rights to a third party through a lease agreement.
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.
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, ...
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.
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.
