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This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease and Land.
Raleigh North Carolina Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage Related Searches
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Interesting Questions
Before jumping in, consider the lease terms, production history, and market conditions. Like anything that's too good to be true, it's important to make sure you're fully informed before making a move!
Yes, an ORRI can be terminated or modified, usually according to the terms in the lease and the assignment agreement. It’s all about keeping the paperwork in check to ensure everyone plays fair!
The stated percentage is a portion of the total production. If you’ve got a 5% ORRI, that's your cut of whatever oil or gas is pulled out. It’s like having a piece of the profit pie!
A single lease refers to a specific agreement for oil or gas production. When you have an ORRI on a single lease, it means your royalty interest is tied to that one agreement, making it simple and straightforward.
Typically, the working interest owner can assign an ORRI. If you own a piece of the action, you can pass on some of that sweet deal to others!
An overriding royalty interest (ORRI) is a share of the production taken out of the leasehold before the working interest owner gets their cut. It’s like getting a slice of the pie before it even hits the table!