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Pennsylvania Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction - Long Form

Category:
Oil Gas and Minerals - Assignments
State:
Multi-State
Control #:
US-OG-034
Format:
Word; 
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Description

This form is used when an Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all oil, gas, and other minerals produced, saved, and marketed from the Lands and Leases equal to a percentage of 8/8 (the Override).

Pennsylvania Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a legal document used in Pennsylvania to transfer the overriding royalty interest from one party to another without any reduction in proportion. This long form assignment outlines the specific details and requirements for multiple leases involved in the transaction. Keywords: Pennsylvania, assignment of overriding royalty interest, multiple leases, no proportionate reduction, long form. Types of Pennsylvania Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form: 1. Oil and Gas Lease Assignment: This type of assignment specifically pertains to oil and gas leases in Pennsylvania. It transfers the overriding royalty interest associated with multiple leases without any reduction in proportion. 2. Mineral Rights Lease Assignment: This assignment type focuses on the transfer of the overriding royalty interest related to mineral rights leases. It ensures there is no decrease in proportion when assigning the interest to another party. 3. Natural Resources Lease Assignment: This assignment variant covers a broader range of natural resources, including oil, gas, minerals, and other valuable resources. It facilitates the transfer of the overriding royalty interest across multiple leases without any reduction in proportion. 4. Energy Lease Assignment: This assignment form relates to leases associated with energy resources, such as oil, gas, and renewable energy sources. It enables the transfer of the overriding royalty interest without altering the proportion among the involved leases. 5. Non-Dilution Assignment: This assignment type specifically emphasizes the absence of any proportionate reduction. It ensures that the overriding royalty interest remains intact and unaffected when assigned to another party across multiple leases. Overall, the Pennsylvania Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a comprehensive legal instrument used to transfer the interest in overriding royalties without any reduction in proportion across various lease agreements. It is essential to carefully review the specific assignment requirements and consult legal professionals to ensure compliance with Pennsylvania laws.

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FAQ

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.

How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.

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 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.

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: 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.

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This form is used when an Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all oil, gas, ... The best way to edit Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction - Long Form online · Register and log in to ...This form is an assignment of overriding royalty interest with no proportionate reduction. Allegheny Pennsylvania Assignment of Overriding Royalty Interest ... BASIC OIL AND GAS FORMS PROGRAM · Declaration of Election to Convert Overriding Royalty Interest to a Working Interest · Declaration that Oil and Gas Lease was ... A provision usually found in an assignment of an overriding royalty interest (ORRI) that states that the interest will apply to new oil & gas leases and ... Jun 16, 2023 — You may convey overriding royalty interest on either an Assignment of Record Title Interest (Form 3000-3), a Transfer of Operating Rights (Form ... Jun 26, 2012 — The overriding royalty interest (reserved/assigned) in each lease that is the subject of this assignment shall be proportionately reduced in the ... It provides for reduction of rentals and royalties owed to the lessor in the event the lessor owns less than the full mineral estate. A typical proportionate ... If Lessor owns less than the full mineral estate in all or any part of the leased premises, payment of rentals, royalties, and shut-in royalties hereunder shall ... Record Title: Primary ownership of an interest in an oil and gas lease including the obligation to pay rent, and the right to transfer and relinquish the lease.

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