Virgin Islands Assignment of Overriding Royalty Interest (No Proportionate Reduction) is a legal document that outlines the transfer of overriding royalty interest (ORRIS) in the Virgin Islands, a group of islands located in the Caribbean Sea. ORRIS refers to the right to receive a portion of the revenue generated from the production and sale of natural resources, typically oil and gas, from a specific lease or property. This assignment allows the current owner of the ORRIS to transfer their interest to another party, known as the assignee. Unlike other types of assignments, the Virgin Islands Assignment of Overriding Royalty Interest (No Proportionate Reduction) ensures that the assignee will receive the full amount of the royalty interest, without any reduction or sharing with other parties. The assignment details the specific terms and conditions of the transfer, including the percentage of ORRIS being assigned, the effective date, and any additional rights or obligations associated with the interest. It also includes provisions for the termination or assignment of the assignment itself, as well as any necessary consent or approvals from the governing authorities. While the keyword "Virgin Islands Assignment of Overriding Royalty Interest (No Proportionate Reduction)" pertains to a specific type of assignment, it is worth mentioning that there can be variations or subcategories within this context. For instance, there could be assignments that involve a partial transfer of ORRIS instead of full assignment, assignments that include additional considerations or limitations, or assignments specific to certain regions or properties within the Virgin Islands. In conclusion, the Virgin Islands Assignment of Overriding Royalty Interest (No Proportionate Reduction) is a legally binding document that facilitates the transfer of ORRIS in the Virgin Islands without any reduction in the assigned interest. It protects the rights of both the assignor and the assignee, ensuring a clear and comprehensive transfer of royalty interest in the region's natural resource exploration and production activities.
Virgin Islands Assignment of Overriding Royalty Interest (No Proportionate Reduction)
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Overriding Royalty Interest (ORRI) A royalty in excess of the royalty provided in the Oil & Gas Lease. Usually, an override is added during an intervening assignment. ORRIs are created out of the working interest in a property and do not affect mineral owners.
Royalty interest in the oil and gas industry refers to ownership of a portion of a resource or the revenue it produces. A company or person that owns a royalty interest does not bear any operational costs needed to produce the resource, yet they still own a portion of the resource or revenue it produces. Royalty Interest: What it Means, How it Works - Investopedia investopedia.com ? terms ? royalty-interest investopedia.com ? terms ? royalty-interest
An overriding royalty agreement is a contract that gives an entity the right to receive revenue from certain productions or sales. The specific type of occurence that royalties are required to be paid on is included in the overriding royalty agreement. Overriding Royalty Agreement: Definition & Sample contractscounsel.com ? overriding-royalty-a... contractscounsel.com ? overriding-royalty-a...
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.
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.
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 Royalty ... blm.gov ? article ? Information-and-Procedu... blm.gov ? article ? Information-and-Procedu...
Royalty Interest (RI) ? this type of mineral interest is obtained when an owner decides to lease their mineral interest to a company that plans to drill and operate a well on the land. Trust Tuesday: What are Mineral Rights? | First Western Bank & Trust firstwestern.bank ? 2021/01/26 ? trust-tuesd... firstwestern.bank ? 2021/01/26 ? trust-tuesd...