Texas Assignment of Overriding Royalty Interest — Short Form is a legal document that allows for the transfer of certain mineral rights in the state of Texas. It is commonly used to assign ownership or transfer of overriding royalty interests from one party to another. The form includes specific language and provisions that adhere to the Texas laws and regulations governing the oil and gas industry. Keywords: Texas, Assignment of Overriding Royalty Interest, Short Form, mineral rights, transfer, ownership, oil and gas industry, legal document, Texas laws and regulations There are different types of Texas Assignment of Overriding Royalty Interest — Short Form, including: 1. Standard Form: This is the most commonly used version of the assignment, which follows the standard language and provisions accepted in the industry. It outlines the details of the parties involved, the description of the mineral interest being assigned, and any specific terms or conditions agreed upon. 2. Customized Form: In some cases, parties may choose to modify the standard form to reflect their specific requirements or negotiate unique terms. This could involve altering the royalty interest percentage, payment terms, or any additional covenants or clauses the parties deem necessary. 3. Operator's Form: This type of assignment is often used when the operator of an oil or gas well wants to assign a portion of their overriding royalty interest to another party. The operator's form typically contains provisions related to the responsibilities, rights, and obligations of the operator as well as the assigning party. 4. Non-Operator's Form: Non-operators, such as working interest owners or third-party investors, may utilize this form to assign their overriding royalty interests to another party. It includes provisions specific to non-operators, outlining their rights, limitations, and potential liabilities related to the assigned royalty interest. 5. Limited Assignment Form: This form is utilized when a partial or limited assignment of an overriding royalty interest is desired. It allows parties to assign a specific fraction or percentage of the interest, rather than transferring the entire interest. It is important to consult with legal professionals well-versed in Texas oil and gas laws when drafting or executing any Texas Assignment of Overriding Royalty Interest — Short Form, as it involves intricate details that can significantly impact the rights and obligations of the parties involved.
Texas Assignment of Overriding Royalty Interest - Short Form
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How to fill out Texas Assignment Of Overriding Royalty Interest - Short Form?
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FAQ
An overriding royalty interest (ORRI) is an interest carved out of a working interest.
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: 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 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.
