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.
In Guam, an Assignment of Overriding Royalty Interest (ORRIS) is a legally binding agreement that pertains to the transfer of the right to receive a portion of the revenue generated from oil, gas, or mineral production. The Assignor, who currently holds the ORRIS, reserves the right to pool or combine the assigned interest with other interests they might own. This pooling of interests allows for greater efficiency in exploration and production activities. When it comes to the Short Form of Guam Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest, there are two different types: 1. Limited Assignment of Overriding Royalty Interest: This type of assignment grants a specific percentage or fraction of the ORRIS to the Assignee. The Assignor retains the right to pool and combine the assigned interest with their other interests, as long as it does not reduce the assigned percentage or fraction. 2. Full Assignment of Overriding Royalty Interest: In this type of assignment, the Assignor transfers the entire ORRIS to the Assignee. Similar to the limited assignment, the Assignor reserves the right to pool and combine the assigned interest with their other interests without reducing the assigned interest. When drafting the Short Form of Guam Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest, it is crucial to include the following key details: — Parties Involved: Clearly identify the Assignor and Assignee involved in the agreement. — Assigned Interest: Specify the percentage or fraction of the ORRIS being assigned to the Assignee. — Reserving the Right to Pool: Clearly state that the Assignor reserves the right to pool and combine the assigned interest with their other interests. — Limitations, if any: Provide any additional limitations on the right to pool, such as not reducing the assigned interest. — Governing Law: Identify Guam as the jurisdiction governing the agreement. — Execution and Effective Date: Include signature lines for both parties, along with the date of execution. Ensuring that all relevant keywords are incorporated in the content is crucial for search engine optimization and to attract the right audience seeking information about Guam Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form.
