Allegheny Pennsylvania Assignment and Conveyance of Overriding Royalty Interest

State:
Multi-State
County:
Allegheny
Control #:
US-OG-280
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Word; 
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Description

This form is used by the Assignor to transfer, assign, and convey to Assignee all of Assignor's overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease.

Allegheny Pennsylvania Assignment and Conveyance of Overriding Royalty Interest is a legal document used in oil and gas industry transactions. It involves the transfer of ownership and control of a portion of royalties earned from the extraction and production of natural resources, particularly oil and gas, in Allegheny County, Pennsylvania. In this assignment, an overriding royalty interest (ORRIS) is conveyed from one party (the assignor) to another party (the assignee). The ORRIS is an interest in the proceeds or production of oil and gas extracted from a particular lease or property, often referred to as the "subject property." The assignment and conveyance of ORRIS in Allegheny Pennsylvania can encompass several types, including: 1. Full Assignment: Under a full assignment, the assignor transfers their entire ORRIS in the subject property to the assignee. This means that the assignee will have complete ownership and control over the assigned ORRIS, including the right to receive a portion of the royalties generated. 2. Partial Assignment: In a partial assignment, the assignor transfers only a fraction or percentage of their ORRIS in the subject property to the assignee. The assignor retains ownership and control over the remaining portion of their ORRIS. 3. Temporary Assignment: A temporary assignment grants the assignee the right to receive the assigned ORRIS for a specific period, after which the ownership and control are automatically reverted to the assignor. This type of assignment is often used when the assignor wants to receive immediate monetary benefits from their ORRIS while maintaining long-term ownership. 4. Permanent Assignment: A permanent assignment transfers the ownership and control of the assigned ORRIS indefinitely to the assignee. The assignor relinquishes all rights, future benefits, and claims associated with the assigned ORRIS. When drafting an Allegheny Pennsylvania Assignment and Conveyance of Overriding Royalty Interest, it is essential to include relevant details such as the names and contact information of the assignor and assignee, a clear description of the subject property, the specific ORRIS being assigned, the effective date of the assignment, and any conditions or considerations of the assignment. Additionally, the document should be executed in compliance with the legal requirements and formalities of Allegheny County and the state of Pennsylvania. Overall, an Allegheny Pennsylvania Assignment and Conveyance of Overriding Royalty Interest is a crucial legal instrument in transferring ORRIS ownership and control, allowing parties to allocate interests in the potential income generated from oil and gas production in the county.

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FAQ

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.

How Do Overriding Royalty Interest Payments Work? The value of an overriding royalty interest is simple to calculate since it is a percent of the working interest lease. The ORRI value is based on production on the acreage leased by the working interest.

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.

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.

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.

An Overriding Royalty Interest IORRI), commonly referred to as an override, is a fractional, undivided interest granting the right to receive proceeds from the sale of oil and gas. It is not an interest in the minerals themselves, but rather in the proceeds of the sale of oil and gas.

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.

Overriding Royalty Interest (ORRI) a percentage share of production, or the value derived from production, which is free of all costs of drilling and producing, and is created by the lessee or working interest owner and paid by the lessee or working interest owner.

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.

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Ashtabula, making a statement of realty transfer tax value of deeds of! Conveyance and Assignment of an Overriding Royalty Interest.Deepening, Completing, Recompleting, or Plugging Back of a well. Overriding Royalty (ORRI) – A royalty in excess of the royalty provided in the oil lease usually added on during an intervening assignment. Production of oil and gas from a well. The overriding royalty is carved out of the driller's working interest and entitles the ORRI. Wells in which the Company owns a royalty interest only. 6. Mid. Continent. (vi) an overriding royalty interest in the Ewing Bank 958 Unit. There are no restrictions on the republication of material appearing in the Federal Register or the Code op Federal Regulations. Management of CCR in mine fills in a separate regulatory action(s).

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Allegheny Pennsylvania Assignment and Conveyance of Overriding Royalty Interest