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.
The Illinois 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 overriding royalty interests in oil and gas leases in the state of Illinois. The assignment is structured in a way that allows the assignor to retain the right to pool or combine the assigned interests with other leases or interests. Keywords: Illinois, Assignment, Overriding Royalty Interest, Assignor, Reserves, Right, Pool, Assigned Interest, Short Form. Description: The Illinois Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form serves as an official agreement between the party assigning the overriding royalty interest (the "assignor") and the party receiving the interest (the "assignee"). This document is particularly relevant for individuals or entities involved in the oil and gas industry within Illinois. In this short form assignment, the assignor transfers their overriding royalty interest to the assignee. The overriding royalty interest grants the assignee a share of the revenue generated from the production of oil and gas on a specific lease. However, a unique aspect of this assignment is that the assignor reserves the right to pool the assigned interest with other leases or interests. By reserving the right to pool, the assignor maintains the flexibility to participate in the pooling of multiple leases or interests to optimize production and increase operational efficiency. Pooling allows for the combining of adjacent or contiguous leases, which often leads to enhanced productivity and cost-effective extraction methods. While the short form assignment captures the essential elements of the overriding royalty interest transfer and the assignor's right to pool, it is essential to note that the specific terms and conditions may vary depending on the parties involved and their agreements. It is recommended to consult with legal professionals specializing in oil and gas law to ensure compliance with Illinois regulations and to tailor the document as needed. Different types of Illinois Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form may include variations based on the percentage or amount of the overriding royalty interest being assigned, specific terms regarding the assignor's right to pool, and any additional clauses or provisions agreed upon by the parties. Overall, this Illinois Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a crucial legal document for parties involved in the oil and gas industry in Illinois. It facilitates the transfer of overriding royalty interests while allowing the assignor to maintain flexibility in pooling their assigned interest with other leases or interests.
