A Washington Assignment of Overriding Royalty Interest For A Term of Years is a legal document that allows parties to transfer their rights to receive overriding royalty interests (ORI's) for a specific period of time in Washington state. This type of assignment is commonly used in the oil and gas industry, where ORI's represent a share of revenue generated from the production of a specific well or lease. The Washington Assignment of Overriding Royalty Interest For A Term of Years outlines the terms and conditions under which the assignment is made. It includes crucial details such as the parties involved, the effective date, the duration of the assignment, and the specific overriding royalty interests being transferred. In Washington, there may be different types of Assignments of Overriding Royalty Interest For A Term of Years, depending on the underlying agreement or arrangement between the parties involved. Some common variations include: 1. Partial Assignment: This type of assignment allows the transfer of only a portion or percentage of the overriding royalty interests to another party, while retaining ownership of the remaining interests. 2. Transfer of Term: This variation involves the transfer of the rights to receive overriding royalty interests in a specific term, which may be a fixed number of years or based on the occurrence of certain events. Once the assigned term expires, the ORI's revert to the original owner. 3. Assignment with Limitations: In certain cases, parties may include limitations or restrictions on the use or transferability of the overriding royalty interests. This could include restrictions related to use on specific wells or leases, geographical limitations, or limitations on the percentage that can be assigned. It is essential for all parties involved to clearly understand the terms and implications of the Washington Assignment of Overriding Royalty Interest For A Term of Years. Seeking legal counsel or professional advice is highly recommended ensuring compliance with Washington state laws and to protect the interests of all involved parties.
Washington Assignment of Overriding Royalty Interest For A Term of Years
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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.
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 ...
To calculate the number of net royalty acres I'm selling, I use this formula: [acres in tract] X [% of minerals owned] X 8 X [royalty interest reserved in lease] X [fraction of royalty interest being sold]. 640 acres X 25% X 8 X 1/4 X 1/2 = 160 net royalty acres.
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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
