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.
Kansas Assignment and Bill of Sale for all of Assignor's Interest in Multiple Producing Leases
Category:
State:
Multi-State
Control #:
US-OG-257
Format:
Word;
Rich Text
Instant download
Description
How to fill out Assignment And Bill Of Sale For All Of Assignor's Interest In Multiple Producing Leases?
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FAQ
A percentage of ownership in an oil and gas lease granting its owner the right to explore, drill and produce oil and gas from a tract of property. Working interest owners are obligated to pay a corresponding percentage of the cost of leasing, drilling, producing and operating a well or unit.
Net Revenue Interest is the portion of an oil and gas leaseholder's interest in production that they are entitled to receive as part of their lease. The amount is calculated after deducting all royalty payments, production costs, and other fees.
Oil and gas interests are interests in real property and thereby have the same attributes as other real property such as a home or a ranch. Although the ownership of oil and gas interests can take many forms, courts commonly analogize the ownership of oil and gas interests to a bundle of sticks.
ASSIGNMENT: The legal instrument whereby Oil and Gas Leases or Overriding Royalty interests are assigned or conveyed. ASSIGNMENT CLAUSE: A clause in any legal instrument that allows either party to the contract to assign all or part of his or her interest to others.
The lessee of an oil or gas lease can assign the entire lease or part of it. In other words, the lessee can sell or transfer part of the estate or the entire estate to which they have the working rights. The assignee is assigned the working interest and lease obligations, including override royalty.
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 definition of assignment in real estate is the sale, transfer, or conveyance of a whole property ownership/rights or part of it to another party. The term in the oil and gas industry is used for sale, transfer, or conveyance of working interest, lease, royalty, overriding royalty interest, or net profit interest.
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.
