Fulton Georgia Assignment of Overriding Royalty Interest — Short Form is a legal document used to transfer ownership of an overriding royalty interest (ORRIS) in Fulton County, Georgia. This document is commonly employed in the oil and gas industry and is designed to provide a concise and streamlined method for transferring ownership rights. In the context of oil and gas operations, an overriding royalty interest refers to a non-operating interest in the production of oil and gas reserves. It entitles the owner to a certain percentage or fraction of the value of oil and gas produced from a specific well or lease. The Assignment of Overriding Royalty Interest — Short Form allows this interest to be assigned or transferred to another entity or individual. The content of the Fulton Georgia Assignment of Overriding Royalty Interest — Short Form typically includes the legal names and addresses of both the assignor (current owner) and assignee (new owner), the effective date of the assignment, a detailed description of the ORRIS being transferred, and the consideration or payment for the assignment. Additional clauses may be included to cover any specific requirements or provisions necessary for the transaction. Though the short form is a commonly used format, it is important to note that there may be variations or different types of the Fulton Georgia Assignment of Overriding Royalty Interest form, such as a long form or customized versions. These variations usually stem from specific contractual requirements or unique circumstances pertaining to the transaction. Key terms and phrases relevant to this content include "Fulton Georgia", "Assignment of Overriding Royalty Interest", "ORRIS", "Short Form", "oil and gas industry", "transfer of ownership", "non-operating interest", "production of oil and gas reserves", "assignor", "assignee", "effective date", "consideration", "legal names and addresses", and "customized versions".
Fulton Georgia Assignment of Overriding Royalty Interest - Short Form
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FAQ
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.
An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.
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.
Overriding royalty interests are an important financing tool for oil and gas companies involved in the exploration and development of oil gas and mineral interests. For investors, they provide an opportunity to participate in mineral production without incurring the costs.
1. n. Oil and Gas Business Ownership in a percentage of production or production revenues, free of the cost of production, created by the lessee, company and/or working interest owner and paid by the lessee, company and/or working interest owner out of revenue from the well.
An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.
If a prepetition overriding royalty interest transaction is characterized as a transfer of real property (i.e., a sale), then the interest has effectively been transferred from the debtor's ownership and is not part of the bankruptcy estate.
1. n. Oil and Gas Business Ownership in a percentage of production or production revenues, free of the cost of production, created by the lessee, company and/or working interest owner and paid by the lessee, company and/or working interest owner out of revenue from the well.
ORRI means overriding royalty interest, or interest in oil and gas produced at the surface, free of the expense of Production, and in addition to the usual land owner's royalty reserved to the lessor in an oil and gas lease.
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.
