Harris County, Texas is a thriving and populous county located in the southeastern part of the state. Home to the city of Houston, Harris County is known for its vast oil and gas resources, making it a hotspot for energy exploration and production. In this fast-paced industry, the concept of Assignment of Overriding Royalty Interest is crucial, providing a means for owners to transfer or assign their interests to others. An Assignment of Overriding Royalty Interest is a legal document that allows an owner of overriding royalty interest (ORRIS) in Harris County, Texas to transfer their rights to another party. An ORRIS is a type of interest that entitles the owner to a percentage share of the revenues generated from oil and gas production, typically in addition to the regular royalty payments. This can be a lucrative opportunity for both individuals and companies looking to invest in or profit from the energy sector. There are different types of Harris Texas Assignment of Overriding Royalty Interest (By Owner of Override), each fulfilling specific purposes and accommodating different scenarios. Some varieties include: 1. Full Assignment: This type of assignment involves the complete transfer of the ORRIS from the owner to another party. By executing a full assignment, the original owner relinquishes all their rights and entitlements associated with the ORRIS, passing them on entirely to the assignee. 2. Partial Assignment: In certain situations, an owner may choose to transfer only a portion of their ORRIS to another party. This is known as a partial assignment and allows the owner to retain some interest and control over the remaining ORRIS. 3. Subordinated Assignment: A subordinated assignment occurs when the owner decides to subordinate or rank their ORRIS interest below other overriding royalty interests in relation to payments. This type of assignment may be used to resolve conflicts or to accommodate specific circumstances and varying royalty rates. 4. Temporary Assignment: Temporary assignments are used when an owner wishes to transfer their ORRIS rights for a limited duration. These assignments often come into play during specific periods or events, allowing the owner to retain their interests once the temporary period has ended. The Harris Texas Assignment of Overriding Royalty Interest (By Owner of Override) plays a crucial role in the energy landscape of Harris County. By facilitating the transfer of ORRIS rights, it enables individuals and businesses to profit from the thriving oil and gas industry in the region. Whether through full, partial, subordinated, or temporary assignments, this legal document empowers owners to make strategic decisions regarding their interests and maximize their potential for financial gain.
Harris Texas Assignment of Overriding Royalty Interest (By Owner of Override)
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FAQ
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.
1. n. Oil and Gas Business 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.
The Bankruptcy Code defines a production payment as a type of term overriding royalty or an interest in liquid or gaseous hydrocarbons in place or to be produced from particular real property that entitles the owner thereof to a share of production, or the value thereof, for a term limited by time, quantity, or
The Supreme Court reversed, holding that the ORRI is a real property interest that violates the Rule, but must be reformed, if possible, pursuant to section 5.043, and remanded for consideration of whether the ORRI in new leases can be reformed so as to not run afoul of the Rule.
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.
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.
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.
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.
