South Carolina 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 overriding royalty interests (ORI's) from the working interest owner to another party in the state of South Carolina. This assignment involves multiple leases and is accompanied by a limited warranty, which provides limited protection to the assignee. Keywords: South Carolina, Assignment, Overriding Royalty Interest, Working Interest, Multiple Leases, Limited Warranty, Long Form. Different types of South Carolina Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form include: 1. Standard Assignment: This version of the document follows the standard format and provisions commonly used in South Carolina for transferring ORI's. It outlines the specifics of the assets being assigned, the parties involved, and the terms and conditions of the transfer. 2. Enhanced Assignment: This variation of the assignment may include additional provisions or clauses that provide further protections or benefits to the assignee. These enhancements can be negotiated between the parties based on their specific requirements. 3. Complex Assignment: This type of assignment involves a more intricate scenario, such as the transfer of ORI's from multiple working interest owners, various leases, and complex contractual arrangements. The long-form document is tailored to accommodate these complexities and ensure that all necessary details are adequately addressed. 4. Limited Liability Assignment: This type of assignment includes specific clauses and provisions that limit the liability of the assignor. It protects the assignor from potential liability arising from actions or omissions related to the assigned ORI's. The limited warranty provided protects the assignee, though this also imposes restrictions on the extent of warranty provided. 5. Single Lease Assignment: While the long-form document generally covers assignments involving multiple leases, there may be instances where the assignment only pertains to a single lease. In such cases, a modified version of the assignment form could be used, specifically tailored to that lease. 6. Supplemental Assignment: In certain situations, additional ORI's may be assigned or transferred to the assignee at a later stage. A supplemental assignment form can be used to document these subsequent transfers and provide a comprehensive record of all assigned ORI's over time. 7. Special Conditions Assignment: This type of assignment may contain specific conditions or restrictions imposed by either the assignor or assignee based on unique circumstances. It can address special considerations that may arise due to the nature of the leased assets, the parties involved, or other relevant factors. It is important to consult with legal professionals and review the specific requirements of each assignment to ensure compliance with relevant state laws and regulations.
South Carolina Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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FAQ
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, ...
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.
What Determines the Value of an Overriding Royalty Interest? 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.
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.
A gross overriding royalty entitles the owner to a share of the market price of the mined product as at the time they are available to be taken less any costs incurred by the operator to bring the product to the point of sale.
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.