This form is used when an Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all oil, gas, and other minerals produced, saved, and marketed from the Lands and Leases equal to a percentage of 8/8 (the Override ).
Guam Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form: The Guam Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a legal document that allows for the transfer of overriding royalty interest (ORRIS) rights from one party to another in relation to multiple leases located in Guam. This assignment form is specifically designed for cases where there is no proportionate reduction of ORRIS. Keywords: Guam, Assignment of Overriding Royalty Interest, Multiple Leases, No Proportionate Reduction, Long Form, legal document, transfer, ORRIS rights. The Guam Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is commonly used in the oil and gas industry, where ORRIS rights are often dealt with. ORRIS is an interest in the revenues generated from the production and sale of oil and gas from a particular lease or well. By assigning ORRIS rights, the assigning party transfers their share of the revenues to the assignee. This long-form assignment document is specifically tailored for situations where multiple leases are involved. It ensures that the assignee receives the full ORRIS rights without any reduction in proportion. This means that the percentage of ORRIS assigned to each lease remains the same after the assignment, preserving the assignee's share of the revenues. In Guam, a U.S. territory located in the Western Pacific, the oil and gas industry is an essential sector contributing to the regional economy. With the Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form, stakeholders involved in oil and gas operations in Guam can effectively transfer ORRIS rights while maintaining the integrity of each lease's revenue distribution. Different types of assignments related to ORRIS may include: 1. Assignment of Overriding Royalty Interest for a Single Lease — Long Form: This form is specific to transferring ORRIS rights for a single lease only, as opposed to multiple leases covered by the long-form assignment. It still ensures there is no proportionate reduction in the assigned ORRIS. 2. Assignment of Working Interest with Overriding Royalty Interest — Long Form: This form covers the transfer of both working interest and overriding royalty interest. Working interest refers to a share of ownership in the lease itself, while overriding royalty interest grants a share of revenues from production. This assignment type allows for a comprehensive transfer of ownership rights. 3. Assignment of Overriding Royalty Interest for Multiple Leases with Proportionate Reduction — Long Form: In contrast to the non-proportionate reduction assignment, this form addresses cases where there is a need to distribute and reduce the assigned ORRIS proportionately across each lease. This may be applicable in situations where there are differences in the leases' production capabilities or other factors affecting revenue distribution. In summary, the Guam Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form provides a legal framework for transferring ORRIS rights in relation to multiple leases in Guam without any reduction in the assigned proportion. This document is crucial in maintaining the integrity of revenue distribution within the oil and gas industry.
