This form is used when the Assignor wishes to convey, assign and sell to the Assignee an undivided working interest in an oil and gas lease but reserves an overriding royalty interest payable on all oil, gas, and associated hydrocarbons produced, saved and sold from the Lands.
Georgia Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease is a legal document that allows the transfer of a portion of the rights and interests in an oil and gas lease for a specific area of land in Georgia, USA. This type of assignment is applicable when the original lease is nonproducing, meaning that oil and gas activities have not yet commenced on the leased property. In this assignment, the assignor (the original leaseholder) transfers a percentage or specific fraction of their rights under the nonproducing lease to the assignee (the new party). The assignee becomes a co-lessee with the assignor, entitled to the assigned portion of the lease rights, including the right to explore, produce, and benefit from any oil and gas resources found within the designated area. The Georgia Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease contains various elements and provisions to ensure the rights and responsibilities of both parties are recognized and protected: 1. Parties: The assignment begins by clearly identifying the assignor and assignee, including their legal names, contact information, and any relevant business entities involved. 2. Lease Description: A detailed description of the nonproducing oil and gas lease is provided, specifying the lease number, date of execution, and the entire acreage covered by the lease. 3. Assigned Area: The assignment then outlines the exact boundaries or legal description of the portion of land being assigned. This description should be precise to avoid any ambiguity regarding the transferred area. 4. Percentage/Fraction: The assignment clearly states the percentage or specific fraction of the lease rights being assigned to the assignee. This determines the assignee's ownership interest in the lease and their proportional entitlement to any future production. 5. Consideration: The assignment document should mention the consideration or compensation exchanged between the assignor and assignee for the assignment of lease rights. This can be a cash payment, other assets, or any agreed-upon arrangement. 6. Terms and Conditions: Essential provisions are included to define the assignee's obligations, such as their responsibility to comply with applicable laws, regulations, and any existing lease provisions. The document should also highlight any restrictions or limitations imposed on the assignee's activities within the assigned area. 7. Effective Date and Recording: The assignment establishes the effective date of the partial assignment and specifies whether it should be recorded with the appropriate governmental authorities, ensuring it becomes a matter of public record. It's important to note that variations of the Georgia Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease may exist, depending on specific circumstances or parties' preferences. Some types may include additional provisions related to royalties, indemnity, surface rights, and termination rights, among others.
