The Virgin Islands Assignment of Overriding Royalty Interest Limited As to Depth is a legal agreement that pertains to the transfer of certain mineral rights within the jurisdiction of the Virgin Islands. This assignment specifically deals with the allocation and transfer of overriding royalty interests limited to a specific depth or range of depths. In the world of oil and gas exploration, the concept of overriding royalty interests (ORRIS) plays a crucial role. An ORRIS provides a party with the right to receive a percentage of the revenues generated from the production of minerals, in this case, within a limited depth range. The Virgin Islands Assignment of Overriding Royalty Interest Limited As to Depth allows for the extraction and transfer of these interests within a pre-determined depth zone. This assignment type acknowledges the existence of different depths or layers within a specific mineral reserve area. The Virgin Islands may have specific types of assignments that denote separate depth ranges or intervals. These may include: 1. Shallow Depth Assignment: This type of assignment is limited to a relatively shallow depth range, typically closer to the surface. It allows for the assignment of overriding royalty interests within a specific upper depth limit. 2. Deep Depth Assignment: Conversely, the deep depth assignment applies to a particular interval situated further down below the surface. It grants overriding royalty interests to the assignee based on the production from this lower depth range. 3. Multiple Depth Range Assignment: In certain cases, there may be assignments that encompass multiple depth ranges. These assignments offer the flexibility to allocate overriding royalty interests at different depths within a specific mineral reserve area. It is important to note that the Virgin Islands Assignment of Overriding Royalty Interest Limited As to Depth must abide by the laws and regulations set forth by the Virgin Islands government, as well as conform to any specific requirements outlined by the mineral rights owner and the assignee. This legal agreement encapsulates the terms and conditions of the assignment, including payment terms, duration, scope, and any limitations pertaining to the depth at which the overriding royalty interests are limited. In conclusion, the Virgin Islands Assignment of Overriding Royalty Interest Limited As to Depth governs the transfer of overriding royalty interests within a particular depth or range of depths. Through this agreement, parties allocate and protect their interests in the extraction of minerals within the Virgin Islands' jurisdiction. Different types of assignments may exist, such as shallow depth, deep depth, or multiple depth range assignments, each catering to specific depth intervals.
Virgin Islands Assignment of Overriding Royalty Interest Limited As to Depth
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How to fill out Virgin Islands Assignment Of Overriding Royalty Interest Limited As To Depth?
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FAQ
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.
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.
Overriding Royalty Interest Example The mineral estate can be severed from the surface, beginning two separate chains of title. The mineral owner has the right to explore and develop the minerals, but the vast majority do not have the finances or knowledge to drill and operate a well.
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 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, ...
If at any time Assignee desires to transfer or dispose of all or any portion of the Overriding Royalty Interest, Assignee must first give to Assignor written notice thereof stating: (a) the amount of the Overriding Royalty Interest offered by Assignee; (b) the form of consideration (which shall be either cash or a ...
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
