Pennsylvania Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that pertains to the transfer of an overriding royalty interest from the working interest owner to another party. This document is commonly used in the oil and gas industry in Pennsylvania. The Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is designed for situations where the working interest owner holds multiple leases and wants to assign a portion of the overriding royalty interest related to those leases to another party. This long-form version of the assignment provides a thorough and detailed description of the rights and obligations of both the assignor (the working interest owner) and the assignee (the party receiving the overriding royalty interest). It includes provisions regarding the scope of the assigned interest, royalty payments, limitations on liability, and warranties. The Pennsylvania Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legally binding contract that protects the rights of both parties involved in the transfer. It ensures that the assignee receives the agreed-upon royalty interest while outlining the limitations and warranties provided by the assignor. Different types or variations of the Pennsylvania Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form may exist based on specific clauses or additional provisions added. Each variation may address unique aspects of the transaction, such as specific lease terms, liability limitations, or indemnification clauses. Some relevant keywords for this topic include: Pennsylvania, assignment, overriding royalty interest, working interest, multiple leases, limited warranty, long form, oil and gas industry, transfer, assignor, assignee, contract, royalties, liability, warranties, indemnification.
Pennsylvania Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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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.
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 (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.
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.
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.