The Pennsylvania Assignment of Overriding Royalty Interests of a Percentage of Assignor's Net Revenue Interest, After Deductions of Certain Costs — Effectively A Net Profits is a legal document used in Pennsylvania to transfer ownership of a portion of an assignor's net revenue interest to another party. This assignment allows the assignee to receive a share of the profits generated from the assigned interest, after deducting certain costs. Keywords: Pennsylvania, assignment, overriding royalty interests, net revenue interest, deductions, net profits. Different Types of Pennsylvania Assignment of Overriding Royalty Interests: 1. Pennsylvania Assignment of Overriding Royalty Interests in Oil and Gas Leases: This type of assignment specifically applies to oil and gas leases in Pennsylvania. It allows the assignee to receive a percentage of the net revenue interest from the assigned lease, after deducting certain costs. 2. Pennsylvania Assignment of Overriding Royalty Interests in Mineral Rights: This assignment pertains to the transfer of overriding royalty interests in mineral rights located in Pennsylvania. It enables the assignee to receive a portion of the net revenue generated from the assigned mineral rights, after deducting certain costs. 3. Pennsylvania Assignment of Overriding Royalty Interests in Real Estate Properties: This type of assignment deals with overriding royalty interests associated with real estate properties in Pennsylvania. It grants the assignee the right to a percentage of the net revenue interest generated by the assigned property, after deducting certain costs. 4. Pennsylvania Assignment of Overriding Royalty Interests in Business Ventures: This assignment applies to overriding royalty interests connected to various business ventures operating in Pennsylvania. It enables the assignee to receive a share of the net profits generated by the assigned business, after deducting certain costs. In conclusion, the Pennsylvania Assignment of Overriding Royalty Interests of a Percentage of Assignor's Net Revenue Interest, After Deductions of Certain Costs — Effectively A Net Profits is a legal document used to transfer a portion of an assignor's net revenue interest in Pennsylvania. Different types of assignments cover specific areas such as oil and gas leases, mineral rights, real estate properties, and business ventures.
Pennsylvania Assignment of Overriding Royalty Interests of a Percentage of Assignor's Net Revenue Interest, After Deductions of Certain Costs - Effectively A Net Profits
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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, ...
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.
An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.
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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
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.