The Pennsylvania Assignment of After Payout Working Interest and the Right to Convert Overriding Royalty Interest to A Working Interest is a legal document that outlines the transfer of certain rights and interests related to oil and gas properties in the state of Pennsylvania. This agreement allows for the assignment of working interest and the conversion of overriding royalty interest into a working interest after reaching a specified payout threshold. There are different types of Assignment of After Payout Working Interest and the Right to Convert Overriding Royalty Interest to A Working Interest agreements that can be customized based on specific conditions and requirements: 1. Conventional Pennsylvania Assignment: This type of agreement is used for conventional oil and gas plays in Pennsylvania, where the working interest and overriding royalty interest are assigned and converted according to predetermined terms and conditions. 2. Shale Pennsylvania Assignment: These agreements are specifically designed for shale plays such as the Marcellus and Utica formations in Pennsylvania, which require unique considerations due to the complex nature of extracting resources from these formations. They may involve additional provisions and clauses addressing the specific challenges and opportunities associated with shale drilling. 3. Joint Venture Pennsylvania Assignment: In some cases, multiple parties may choose to collaborate on developing oil and gas reserves in Pennsylvania through a joint venture. This type of agreement allows them to pool resources and expertise while assigning and converting working interest and overriding royalty interest as per their agreed-upon terms. 4. Farm-out Pennsylvania Assignment: A farm-out agreement involves the assignment of working interest and overriding royalty interest from the existing leaseholder (armor) to the acquiring party (farmer). This type of assignment often occurs when the farmer wishes to participate in the drilling or development operations in exchange for an agreed percentage of the working interest. Key terms and provisions typically covered in Pennsylvania Assignment of After Payout Working Interest and the Right to Convert Overriding Royalty Interest to A Working Interest agreements include the assignment and conversion rates, payout thresholds, obligations and liabilities of the parties involved, royalty payments, lease maintenance responsibilities, geographical boundaries, and the termination or extension provisions. It is important to note that drafting and executing these agreements require expert legal advice to ensure compliance with Pennsylvania state laws, industry regulations, and best practices. Parties involved in such agreements must carefully review the terms and consult experienced attorneys specializing in oil and gas transactions to protect their rights and interests effectively.
Pennsylvania Assignment of After Payout Working Interest and the Right to Convert Overriding Royalty Interest to A Working Interest
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How to fill out Pennsylvania Assignment Of After Payout Working Interest And The Right To Convert Overriding Royalty Interest To A Working Interest?
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FAQ
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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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 (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.
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.
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, ...
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.