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.
Delaware Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form, also known as Delaware Assignment of ORRIS with Pooling Rights — Short Form, is a legal document used in the oil and gas industry. This agreement allows an assignor, who holds a percentage of the overriding royalty interest (ORRIS), to transfer their rights to another party, known as the assignee. Keywords: Delaware Assignment, Overriding Royalty Interest, Assignor, Reserves, Pooling, Assigned Interest, Short Form. In this agreement, the assignor reserves the right to pool the assigned interest, which means they can combine their ORRIS with other mineral interests into a larger pool for better well production and efficiency. By doing so, the assignor can benefit from enhanced operations, shared costs, and a potentially higher overall financial return. The Delaware Assignment of ORRIS with Pooling Rights — Short Form document outlines specific details such as the parties involved, effective date, and the percentage of ORRIS being assigned. It may also include provisions on royalty payments, term of the assignment, and any necessary consents or approvals required. This agreement grants the assignee the rights to the assigned ORRIS, which may include the right to receive a percentage of the revenue from the production of oil and gas on the assigned property. The assignee assumes the responsibilities and obligations associated with the assigned interest, including any future pooling decisions made by the assignor. It is important to note that there may be variations or different types of Delaware Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form, tailored to specific circumstances or preferences of the parties involved. Different versions may have additional clauses, requirements, or limitations depending on the specific needs of the assignor and assignee. In conclusion, the Delaware Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal agreement used in the oil and gas industry to transfer overriding royalty interest rights with the option to pool the assigned interest. It is designed to facilitate efficient operations and maximize revenue generation for the involved parties.
