This form is used when Assignor sells, assigns, and conveys to assignee, all of Assignor's rights, title, and interests in Oil and Gas Leases. This Assignment and Bill of Sale covers and includes all of Assignor's interest in all equipment, personal property, and fixtures located on the lands subject to the Leases.
Illinois Assignment and Bill of Sale for all of Assignor's Interest in Multiple Producing Leases
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Multi-State
Control #:
US-OG-257
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Word;
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How to fill out Illinois Assignment And Bill Of Sale For All Of Assignor's Interest In Multiple Producing Leases?
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FAQ
If a lease is a "paid-up" lease, then the lease will remain in effect during the entire primary term with no further payments to the Lessor unless and until actual production of oil or gas is established.
Is there more than one type of oil and gas lease? Yes, there are three types: a surface use lease, a non-surface use lease, and a dual purpose lease.
An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.
Wellbore. An assignment can be limited to the wellbore of a well. A wellbore limitation means that the assignor is assigning only those rights to production from the wellbore of a certain well, arguably at the total depth it existed at the time of the assignment.
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
Any partial assignment of any lease shall segregate the assigned and retained portions thereof, and as above provided, release and discharge the assignor from all obligations thereafter accruing with respect to the assigned lands; and such segregated leases shall continue in full force and effect for the primary term ...
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