A Virginia Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool is a legal agreement that involves the transfer of ownership of a royalty interest in multiple oil and gas leases. This type of assignment is generally implemented when the leases are non-producing and the assignor wants to pool or combine the leases to potentially increase future production or operational efficiency. Keywords: Virginia Assignment, Overriding Royalty Interest, Multiple Leases, Non-Producing, Reservation of Right to Pool There are different variations of Virginia Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool, including: 1. Standard Assignment: A straightforward agreement where the assignor transfers their overriding royalty interest in non-producing leases to the assignee, while reserving the right to pool the leases if necessary for future production. 2. Partial Assignment: In some cases, the assignor may choose to assign only a portion of their royalty interest in the non-producing leases, while still reserving the right to pool the leases if needed. 3. Joint Assignment: This type of assignment involves multiple assignors transferring their overriding royalty interests in multiple non-producing leases to one or more assignees, with all parties collectively reserving the right to pool the leases if required. 4. Granter's Obligations Assignment: Occasionally, an assignor may transfer their overriding royalty interest in non-producing leases to the assignee, while also assigning their obligations and responsibilities as the granter of the leases. This allows the assignee to assume the assignor's duties related to the leases, including the right to pool. 5. Time-Based Assignment: In certain cases, the assignment may be temporary and time-based. It can be structured to transfer the overriding royalty interest in non-producing leases to the assignee for a specified period, reserving the right to pool during that duration. Overall, a Virginia Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool is a flexible legal tool that enables the transfer of royalty interests while ensuring the assignor retains the right to pool the leases if future production opportunities arise.
Virginia Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool
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FAQ
Overriding Royalty Interest Conveyance means an assignment, in the form attached hereto as Exhibit F, pursuant to which Subsidiary Borrower grants to Lender a cost-free overriding royalty interest equal to a percentage determined pursuant to Section 8.5 of the Hydrocarbons and other minerals attributable to Subsidiary ...
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.
Participating Royalty Interest (NPRI) is an interest in oil and gas production which is created from the mineral estate. Like the plain ?royalty interest? it is expensefree, bearing no operational costs of production.
To calculate the number of net royalty acres I'm selling, I use this formula: [acres in tract] X [% of minerals owned] X 8 X [royalty interest reserved in lease] X [fraction of royalty interest being sold]. 640 acres X 25% X 8 X 1/4 X 1/2 = 160 net royalty acres.
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.
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.
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 (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.
