This form is used when an Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ), reserving the right to pool the assigned interest.
The Assignment of Overriding Royalty Interest (ORRIS) is a legal document commonly used in the Virgin Islands to transfer the rights to receive royalty payments from a particular oil and gas lease. In some cases, the assignor may choose to reserve the right to pool the assigned interest, which allows them to combine the ORRIS with other royalty interests in common production and distribution purposes. This short form assignment ensures the assignor's right to participate in pooling arrangements while transferring the ORRIS. The Virgin Islands Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is utilized in situations where the assignor wants to retain the ability to combine the assigned ORRIS with other royalty interests in more optimal extraction and distribution operations. This document specifically addresses the assignment of overriding royalty interests and explicitly reserves the assignor's right to pool the assigned interest. Keywords: Virgin Islands, Assignment of Overriding Royalty Interest, assignor, reserves, right to pool, assigned interest, short form, types of assignments, pooling arrangements. While there may not be different types of Virgin Islands Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form, variations may exist based on specific terms and conditions negotiated between the parties involved. These could include variations in royalty percentages, duration of the assignment, or specific restrictions and limitations on the assignor's right to pool the assigned interest. However, the core intent of the assignment remains the same, allowing for the transfer of ORRIS while reserving the right to participate in pooling arrangements.
