Lima Arizona Assignment of Overriding Royalty Interest (No Proportionate Reduction) is a legal document that transfers the ownership of a specific portion or percentage of the overriding royalty interest (ORRIS) from one party to another without any reduction in proportion. ORRIS refers to the share of revenue or royalties reserved by the mineral rights' owner in an oil and gas lease. In Lima, Arizona, several types of Assignment of Overriding Royalty Interest (No Proportionate Reduction) may exist, including: 1. Lima Arizona Assignment of Overriding Royalty Interest (No Proportionate Reduction) in Oil and Gas Lease: This type of assignment specifically deals with the overriding royalty interest present in an oil and gas lease within Lima, Arizona. It outlines the transfer of this interest from the assignor to the assignee, ensuring no reduction in proportion. 2. Lima Arizona Assignment of Overriding Royalty Interest (No Proportionate Reduction) in Mineral Rights: This assignment type pertains to the overriding royalty interest associated with mineral rights in Lima, Arizona. It allows for the transfer of this interest without a proportionate reduction between the parties involved. 3. Lima Arizona Assignment of Overriding Royalty Interest (No Proportionate Reduction) in Leasehold: If the overriding royalty interest is linked to a leasehold agreement, this assignment allows for its transfer without any reduction in proportion. Such assignments commonly occur in Lima, Arizona, where leasehold interests play a significant role in the extraction of natural resources. The Lima Arizona Assignment of Overriding Royalty Interest (No Proportionate Reduction) is a crucial legal document that protects the rights and interests of both parties involved in the assignment. This document outlines the terms and conditions of the transfer, including the ORRIS percentage, effective date, rights and obligations, and any other relevant provisions agreed upon by the assignor and assignee. It aims to ensure a smooth and transparent transfer of overriding royalty interest while maintaining the original proportion allocated to the assignor.
Pima Arizona Assignment of Overriding Royalty Interest (No Proportionate Reduction)
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FAQ
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.
Legal Definition of overriding royalty : an interest in and royalty on the oil, gas, or minerals extracted from another's land that is carved out of the producer's working interest and is not tied to production costs compare royalty.
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.
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.
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 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.
A gross overriding royalty entitles the owner to a share of the market price of the mined product as at the time they are available to be taken less any costs incurred by the operator to bring the product to the point of sale.