A Wisconsin Assignment of Overriding Royalty Interest for Multiple Leases is a legal document that allows a party to assign their interest in the difference between a specified percentage and the existing leasehold burdens. This document is commonly used in the oil and gas industry, where parties hold overriding royalty interests in multiple leases. The purpose of this assignment is to transfer the rights and obligations associated with the overriding royalty interest from one party to another. By doing so, the assignee becomes the new recipient of the financial benefits and responsibilities that come with the assigned interest. There are different types or variations of Wisconsin Assignment of Overriding Royalty Interest for Multiple Leases based on the terms and conditions agreed upon by the parties involved. Some key variations may include: 1. Fixed Percentage Assignment: This type of assignment specifies a fixed percentage that is assigned to the assignee. The assignee will receive the overriding royalty interest equivalent to the specified percentage, minus any existing leasehold burdens. 2. Sliding Scale Percentage Assignment: In this case, the assigned interest is based on a sliding scale percentage. The percentage may vary depending on factors such as production rates, market conditions, or other agreed-upon criteria. Again, the assigned percentage is subject to deductions for any existing leasehold burdens. 3. Well-Specific Assignment: This type of assignment focuses on assigning overriding royalty interest for specific wells or leases. It allows for a more targeted approach, where the assignee can choose to assign their interest only in certain leases or wells, rather than all of them. 4. Limited Duration Assignment: A limited duration assignment sets a specific time frame for the assignment of overriding royalty interest. Once the specified period elapses, the assignor retains the interest or has the option to renew the assignment. 5. Non-Compete Assignment: This type of assignment includes a non-compete clause, which restricts the assignor from engaging in similar activities or assigning their interest to competing parties within a certain geographic area or time period. It is important to note that the exact terms and conditions of a Wisconsin Assignment of Overriding Royalty Interest for Multiple Leases may vary and should be carefully reviewed and negotiated by the involved parties to ensure fair and equitable agreements are reached. Legal counsel should be sought to draft or review these contracts to ensure compliance with applicable laws and to protect the rights and interests of all parties involved.
Wisconsin Assignment of Overriding Royalty Interest for Multiple Leases - Interest Assigned Is Difference Between Specified Percentage and Existing Leasehold Burdens
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FAQ
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 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: 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.
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.
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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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, ...
