The Virgin Islands Assignment of Overriding Royalty Interests of a Percentage of Assignor's Net Revenue Interest, After Deductions of Certain Costs — Effectively A Net Profits is a legal document that allows the transfer of specific royalty interests in the Virgin Islands. By assigning a percentage of the assignor's net revenue interest, after accounting for certain costs, this agreement effectively ensures the assignee receives a share of the net profits from the assigned interests. In the Virgin Islands, various types of Assignment of Overriding Royalty Interests exist, each with its specific characteristics and implications. Let's explore some of these types: 1. Virgin Islands Assignment of Overriding Royalty Interests on Oil and Gas Leases: This particular type of assignment deals specifically with royalty interests related to oil and gas leases in the Virgin Islands. It ensures that assignees receive a predetermined percentage of the net revenue interest from these leases, after deductions of specified costs. 2. Virgin Islands Assignment of Overriding Royalty Interests on Mineral Leases: Mineral leases in the Virgin Islands may also involve overriding royalty interests, making this type of assignment crucial for individuals or entities looking to transfer their percentage of the net revenue interest. The assignee is entitled to a portion of the net profits from the assigned mineral lease, after deducting certain costs. 3. Virgin Islands Assignment of Overriding Royalty Interests on Real Estate Leases: This particular type of assignment pertains to overriding royalty interests associated with real estate leases in the Virgin Islands. The assignor transfers a percentage of their net revenue interest to the assignee, allowing them to benefit from the net profits generated from the lease, post deduction of designated expenses. 4. Virgin Islands Assignment of Overriding Royalty Interests on Intellectual Property: Even intellectual property can be subject to overriding royalty interests in the Virgin Islands. This assignment type focuses on transferring a portion of the assignor's net revenue interest generated from the intellectual property. After factoring in certain allowable costs, the assignee becomes entitled to a share of the net profits derived from the intellectual property. In summary, the Virgin Islands Assignment of Overriding Royalty Interests of a Percentage of Assignor's Net Revenue Interest, After Deductions of Certain Costs — Effectively A Net Profits, encompasses various assignment types specific to different industries within the region, such as oil and gas, mineral leases, real estate leases, and intellectual property.
Virgin Islands Assignment of Overriding Royalty Interests of a Percentage of Assignor's Net Revenue Interest, After Deductions of Certain Costs - Effectively A Net Profits
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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.
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 (ORRI) (US) - Westlaw Westlaw ? PracticalLaw Westlaw ? PracticalLaw
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 Conveyance Definition - Law Insider Law Insider ? dictionary ? overriding... Law Insider ? dictionary ? overriding...
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. NonParticipating Royalty Interest (NPRI) Endeavor Energy Resources endeavorenergylp.com ? InterestDefinitions endeavorenergylp.com ? InterestDefinitions
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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. Information and Procedures for Transferring Overriding ... Bureau of Land Management (.gov) ? article ? Information-and-Proc... Bureau of Land Management (.gov) ? article ? Information-and-Proc...
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: 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.