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US Legal Forms
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Santa Ana
Assignment of Overriding Royalty Interest (Non-Producing...

Santa Ana California Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)

Category:

Oil Gas and Minerals - Assignments

State:

Multi-State

City:

Santa Ana

Control #:

US-OG-940

Format:

Word;

Rich Text

Instant download

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Description

This form is an assignment of overriding royalty interest for a non-producing, single lease with reserves the right to pool.

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Interesting Questions

How can I better understand my rights with an ORRI in Santa Ana?

It’s a good idea to consult with an attorney who specializes in oil and gas law. They can help you navigate the ins and outs of your rights. Having a guide can make a complicated path much clearer!

Are there risks associated with holding an ORRI?

Yes, there are risks. Since you don’t directly control production, changes in market prices or drilling operations can affect your revenue. It’s the nature of the beast in the oil and gas industry.

What does 'right to pool' mean?

The 'right to pool' means that the minerals in your ORRI can be combined with others in the area for production purposes. Think of it as sharing a pizza with friends; you can all enjoy it together!

What are reserves in the context of an ORRI?

Reserves refer to the estimated amount of oil or gas that can be extracted from a property in the future. It’s like having a gas tank that you know can be filled again.

How does the 'single lease' aspect affect my ORRI?

Having a 'single lease' means your ORRI is tied to one specific property or location. It's like having a key that only opens one door, rather than a bunch of them.

What does it mean if an ORRI is labeled as 'non-producing'?

A 'non-producing' ORRI means that the interest is tied to a lease but isn't currently generating any income from production. Think of it like holding a ticket to a concert that’s been postponed.

What is an Overriding Royalty Interest (ORRI)?

An Overriding Royalty Interest is a type of interest in oil and gas production that allows the holder to receive a percentage of the revenue from production, but without bearing any of the related costs.