A Rhode Island Assignment of Overriding Royalty Interest (No Proportionate Reduction) is a legal document that transfers the right to receive a portion of the royalty proceeds from an oil or gas lease to another individual or entity, without any reduction in the proportionate share of the original interest holder. This type of assignment is commonly used in the oil and gas industry to assign a specified percentage of the overriding royalty interest (ORRIS) to a third party. Keywords: Rhode Island, Assignment of Overriding Royalty Interest, No Proportionate Reduction, oil and gas lease, royalty proceeds, ORRIS. There are no specific types of Rhode Island Assignment of Overriding Royalty Interest (No Proportionate Reduction) as it is a standard legal document used in the state. However, it is important to note that different variations of assignment agreements exist, such as Assignment of ORRIS with Proportionate Reduction or Assignments with additional provisions. In a Rhode Island Assignment of Overriding Royalty Interest (No Proportionate Reduction), the assignor, who is the current ORRIS holder, conveys a specific percentage of their royalty interest to the assignee. The assignee then becomes the new recipient of the assigned royalty interest. This type of assignment does not reduce the proportionate share of the original interest holder, meaning that their overall percentage ownership remains unaffected. The document typically includes the names and addresses of both parties, a description of the assigned interest, and the specific percentage being assigned. It will also outline the consideration or payment for the assignment, along with any additional terms or conditions relevant to the agreement. Rhode Island Assignment of Overriding Royalty Interest (No Proportionate Reduction) documents are legally binding contracts, and their execution requires the consent of both parties involved. It is crucial for all parties to carefully review and understand the terms and conditions outlined in the agreement before entering into such a transaction. Note: It is essential to consult with legal professionals or experts in the field to ensure the document complies with relevant state laws and adequately protects the interests of all parties involved.
Rhode Island Assignment of Overriding Royalty Interest (No Proportionate Reduction)
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FAQ
The ORRI is not carved out of the regular royalty interest but rather out of the oil and gas company's working interest, further reducing the oil and gas company's share of the proceeds they will receive when they sell the minerals.
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.
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.
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 IORRI), commonly referred to as an override, is a fractional, undivided interest granting the right to receive proceeds from the sale of oil and gas. It is not an interest in the minerals themselves, but rather in the proceeds of the sale of oil and gas.