This form is used when an Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ), reserving the right to pool the assigned interest.
California Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal document that establishes the transfer of a right to overriding royalty interests in a petroleum or natural gas lease. This document outlines the terms and conditions of the assignment, particularly focusing on the assignor's right to pool the assigned interest. In this type of assignment, the assignor reserves the right to combine or pool the assigned overriding royalty interest with other oil or gas properties they own, maximizing the overall production and profitability. By consolidating their interests, the assignor can streamline operations, reduce costs, and potentially increase revenue. The key elements covered in the California Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form include: 1. Parties Involved: The names and contact information of both the assignor (the party transferring the overriding royalty interest) and the assignee (the party receiving the interest) are clearly stated at the beginning. 2. Property Description: A comprehensive description of the specific petroleum or natural gas lease to which the overriding royalty interest pertains is provided. This description typically includes details such as lease name, location, acreage, and any other relevant identifying information. 3. Assigned Interest: The document specifies the precise percentage or fraction of the overriding royalty interest being assigned to the assignee. This percentage represents the share of revenue or production that the assignee will receive from the oil or gas lease. 4. Right to Pool: The assignor reserves the right to pool the assigned overriding royalty interest with other properties they own or may acquire in the future. By exercising this right, the assignor aims to optimize production, minimize costs, and increase operational efficiency. The California Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form may not have specific subtypes or categories, as it primarily focuses on the assignor's right to pool the assigned interest. However, it is crucial to consult with legal professionals or industry experts to ensure compliance with specific regulations and variations that may exist within California law. Note: The provided information is for general understanding and does not constitute legal advice. For accurate guidance and interpretation of the California Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form, please consult with a qualified attorney or legal advisor.
