Illinois Assignment and Bill of Sale of Well Bores

State:
Multi-State
Control #:
US-OG-581
Format:
Word; 
Rich Text
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This a form of an Assignment and Bill of Sale of Well Bores.

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FAQ

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.

The oil and gas business; assignments are the documents used. to accomplish transfers of lease rights .1./ Although the. common form of assignment may appear to be a rather simple. document, the respective rights and obligations of the parties.

Since Illinois does not legally require a bill of sale, the DMV does not provide one. If you are looking for a template or example document, there are plenty of useful forms available online via search. Once you have found a form, make sure to print off two copies: one for you and one for the buyer.

Wellbore Only means the investors will acquire an interest in a single wellbore, and not the remainder of the Lease(s) on which the wellbore is located.

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Illinois Assignment and Bill of Sale of Well Bores