This form is used when the Assignor assigns, sells, and conveys to Assignee, all of Assignor's interests in all of the Oil and Gas Leases and any renewals, extensions, or ratifications of the Leases, and the lands covered by the Lease. The interests include leasehold or working interests and overriding royalty interests in the Leases.
Texas Assignment of All of Assignor's Interests in Producing Properties
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An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
(a) A contract assignment must be made as part of an ownership change, a change in tax status, or a transfer from one legal entity to another through a legal process. No assignment is effective until approved, in writing, by the Texas Department of Human Services (DHS).
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.
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.
How Do Overriding Royalty Interest Payments Work? The value of an overriding royalty interest is simple to calculate since it is a percent of the working interest lease. The ORRI value is based on production on the acreage leased by the 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.
64.054. ENFORCEMENT BY NOTICE TO ASSIGNOR. (a) After default, or as otherwise agreed by the assignor, the assignee may give the assignor a notice demanding that the assignor pay the assignee the proceeds of any rents that the assignee is entitled to collect under Section 64.053.
Overriding royalty interest: Unlike mineral and royalty interests, an overriding royalty interest runs with a lease and not with the land. Therefore, they only remain in effect for as long as a lease is in effect and they expire when a lease expires.
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The Assignment of All of Assignor's Interests in Producing Properties in Houston, Texas ... Print the copy or fill it out and sign it electronically via an online ... This assignment is a way for the assignor to transfer all rights, title, and interest they have in producing properties to the assignee. The document outlines ...(hereafter referred to as “Assignee”), all of Assignor's right, title, and interest in the following described properties, interests and assets to-wit: (1) All ... (b) An assignment of rents creates a presently effective security interest in all accrued and unaccrued rents arising from the real property described in the ... by DE Pierce · 1990 · Cited by 23 — Assignee shall reassign to Assignor, all interest in the [assigned leases] ... against any interest the lessee may obtain in the property which tends to defeat ... Assignor hereby assigns, transfers and conveys to Assignee all of the Assignors right, title and interest in and to the Assigned Documents and Deposits. Assignor conveys all of his interest in the leases attached hereto as Exhibit A ... property interest granted by the deed or assignment, not what is reserved ... When drafting the assignment, the attorney must ensure all prerequisites for recording are met. Using Texas law for illustration, Texas Property Code § 12.001 ... This Assignment, Bill of Sale and Conveyance (this "Assignment") is from SANDPOINT. OPERATING, LLC, a Delaware limited liability company ("Assignor"), ... by P OWEN · Cited by 3 — was “representing all its interests in the Properties as available for sale. ... the Assignment actually conveys all interests under the lease.