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.
Hawaii Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal document that outlines the transfer of a royalty interest from one party to another in Hawaii, while also allowing the assignor to retain the right to pool or combine the assigned interest with other interests. This type of assignment provides flexibility for the assignor to participate in larger oil, gas, or mineral extraction projects while still benefiting from the assigned royalty interest. By reserving the right to pool, the assignor has the option to join with other interests in the same area, sharing production costs, risks, and profits. Some relevant keywords for this assignment type are: 1. Overriding Royalty Interest: This refers to the portion of the royalty that is carved out of the total royalty interest and assigned to the assignee. It is often a fixed percentage of production revenue. 2. Assignor: The current owner of the overriding royalty interest who is transferring the interest to another party through the assignment. 3. Assignee: The party receiving the assigned overriding royalty interest through the assignment. 4. Pooling: The process of combining different oil, gas, or mineral interests within a specific geographical area to collectively develop and extract resources efficiently. 5. Short Form: This indicates that the assignment document is a concise version, containing the essential information and provisions necessary for the transfer of the overriding royalty interest. Different types of Hawaii Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form can vary based on specific contractual details, such as the assigned interest's percentage, duration of the assignment, and any limitations on pooling. These variations depend on the negotiation and agreement between the assignor and assignee involved in the transaction.
