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This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in a Lease, to be effective at payout. Free preview. Reports and royalty payments must be based on each working interest owner's entitlement in lease production rather than on the actual amount taken or sold ...A provision usually found in an assignment of an overriding royalty interest (ORRI) that states that the interest will apply to new oil & gas leases and ... Dec 8, 2011 — Working Interest Owner hereby represents, warrants and covenants to Royalty Owner as follows with respect to the Subject Hydrocarbons: (a) lease ... For and in consideration of good and valuable consideration paid by Assignee to Assignor, the receipt and sufficiency of which are hereby acknowledged, Assignor ... I. INTRODUCTION. One generally sees three types of oil and gas royalty interests in practice: a lessor's royalty, a non- participating royalty, and an ... interests are defined as follows: Page 32. 30. 1. Overriding royalty - an interest in oil and gas produced at the surface, free of the expense of production ... What is key to the proper payment of royalties is the verification that the receiver has ratified either 1) an oil and gas lease (with pooling provision) or 2) ... by DE Pierce · 1990 · Cited by 23 — ... a covenant to drill a well is not to be implied from the severance of some nonoperating share of the working interest, e.g., an overriding royalty or oil. In the event a well or wells producing oil or gas in paying quantities should be brought in ... Any assignment of an overriding royalty interest that does not ...