A Washington Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that transfers the ownership of a non-producing overriding royalty interest from one party to another, specifically in the state of Washington. This type of assignment typically encompasses a single lease and includes a provision that reserves the right to pool the royalties with other leases or interests. In Washington, there may be various types of Assignment of Overriding Royalty Interest depending on specific conditions and provisions. Some common variations include: 1. Washington Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, No Right to Pool): This type of assignment is similar to the one mentioned above, but without the provision that allows the pooling of royalties from multiple leases or interests. It means that the overriding royalty interest can only be associated with the single lease mentioned in the document. 2. Washington Assignment of Overriding Royalty Interest (Non-Producing, Multiple Leases, Reserves Right to Pool): In this type of assignment, the overriding royalty interest is not limited to a single lease but can be associated with multiple leases. However, it still includes the provision that grants the right to pool royalties with other leases or interests. 3. Washington Assignment of Overriding Royalty Interest (Non-Producing, Reserved Royalty Interest, Single Lease, Reserves Right to Pool): This assignment involves the transfer of a reserved royalty interest, in addition to the overriding royalty interest. A reserved royalty interest means that the assignor retains some portion of the royalty interest. This document also includes the provision for pooling the royalties. Assignments of overriding royalty interests are commonly used in the oil and gas industry to transfer rights to receive royalty payments to individuals or entities. This type of assignment ensures a smooth transition of ownership and provides clarity regarding the rights and obligations of both the assignor and the assignee. Keywords: Washington Assignment, Overriding Royalty Interest, Non-Producing, Single Lease, Reserves Right to Pool, Multiple Leases, Reserved Royalty Interest, Oil and Gas Industry.
Washington Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)
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FAQ
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.
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.
A gross overriding royalty entitles the owner to a share of the market price of the mined product as at the time they are available to be taken less any costs incurred by the operator to bring the product to the point of sale.
Calculating Overriding Royalty Interest An ORRI is a straight percentage. For example, a 2% override would appear on the royalty statement as 0.02 interest in the proceeds from the sale of the leased hydrocarbons.
Overriding Royalty Interests To calculate the ORRI, multiply the gross production revenue by the ORRI interest percentage, and the figure gotten is what the ORRI owner is entitled to.
The owner of a royalty interest receives a portion of the income generated from oil and gas production. Unlike an ORRI, a royalty-interest owner does not have the right to execute leases or collect bonus payments. The RI owner does not bear any operating costs or expenses related to the well.
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.
