Washington Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest is a legal document used in the state of Washington to transfer a portion of ownership rights in an oil and gas lease while reserving the right to receive an overriding royalty interest. This type of assignment is often utilized in the oil and gas industry where multiple parties hold interests in a lease and wish to assign or transfer a portion of their rights to another party. The Washington Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest serves as a legal instrument to detail the terms and conditions under which the partial interest is being transferred. It outlines the specific portion of the oil and gas lease that is being assigned, including the lease number, description of the property, and any associated acreage. The document also includes the amount or percentage of interest being transferred, ensuring clarity between the assigning party (assignor) and the party receiving the interest (assignee). Both parties must provide their legal names and contact information, ensuring that there is no ambiguity regarding their identities. Furthermore, the assignment reserves an overriding royalty interest for the assignor. An overriding royalty interest is typically a percentage of the revenue generated from the lease, which is granted to the assignor in addition to any other interests they may hold. This ensures that the assignor continues to receive a financial benefit from the lease even after transferring a partial interest. It is important to note that there can be different types of Washington Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest, depending on the specific terms agreed upon by the parties involved. Some possible variations may include partial assignments with fixed monetary considerations, assignments with percentage-based considerations, or assignments with specific conditions or limitations. Overall, the Washington Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest serves as a legally binding document to facilitate the transfer of partial ownership rights while reserving an overriding royalty interest for the assignor. This document allows parties in the oil and gas industry to effectively manage and distribute rights and interests in an oil and gas lease in compliance with Washington state laws and regulations.
Washington Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest
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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 ...
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, ...
Any partial assignment of any lease shall segregate the assigned and retained portions thereof, and as above provided, release and discharge the assignor from all obligations thereafter accruing with respect to the assigned lands; and such segregated leases shall continue in full force and effect for the primary term ...
There are three main types of royalty interests: 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.
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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
What Determines the Value of an Overriding Royalty Interest? Mineral interest location. One in a shale basin with high production is worth more. Producing oil and gas wells. Wells currently producing are valued more. ... Production reserves and levels. ... Prices.
