This form is used when the assets of a dissolved Corporation included interests in oil and gas leases. In connection with the dissolution of the Corporation, Assignors were deemed to have been distributed the interests in oil and gas leases owned by the Corporation and the Assignors desire to assign to Assignee all of their rights, title and interests in those oil and gas leases and the lands they cover.
Kansas Assignment of Oil and Gas Leases by Shareholders of Dissolved Corporation
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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 term ?working interest? is commonly used and is generally considered synonymous with the lessee's interest and the term ?leasehold interest.? As to federal leases, the lessee's leasehold interest includes both record title and operating rights.
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.
Calculating Overriding Royalty Interest An ORRI is a straight percentage. For example, a 2% override would appear on the royalty statement as 0.02 interest in the proceeds from the sale of the leased hydrocarbons.
The record title interest includes the obligation to pay rent and the rights to assign and relinquish the lease. [1] The operating rights interest authorizes the holder to drill for and conduct operations and produce the leased substances.
Definition of record title is as follows: Record Title: Primary ownership of an interest in an oil and gas or geothermal lease including the obligation to pay rent, and the right to transfer and relinquish the lease. Overriding royalty interests and operating rights interest are severable from record title interests.
Overriding Royalty Interest: A given interest severed out of the record title interest or lessee's share of the oil, and not charged with any of the cost or expense of developing or operation. The interest provides no control over the operations of the lease, only revenue from lease production.
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This form is used when the assets of a dissolved Corporation included interests in oil and gas leases. In connection with the dissolution of the Corporation ... BASIC OIL AND GAS FORMS PROGRAM · Assignment (Undivided Interest in Producing Lease) · Assignment and Bill of Sale (To Life Tenant and Remainderman) · Assignment ...Record Title: Primary ownership of an interest in an oil and gas lease including the obligation to pay rent, and the right to transfer and relinquish the lease. This unofficial version of selected statutes and regulations concerning oil and gas activities in Kansas, is published by the Kansas Corporation Commission ... Aug 9, 2016 — This unofficial version of selected statutes and regulations concerning oil and gas activities in Kansas, is published by the Kansas Corporation ... Oct 13, 1988 — (lessee) pays 8/8ths of the costs [under the terms of the oil and gas lease and the overriding royalty assignment]. B will receive 13/16ths ... Jun 26, 1986 — Kansas courts treat the oil and gas lease as a contract. Brinkman Y ... Leases subject to the assignment must be adequately described. State ... Jan 1, 2022 — Form KSONA-1, Certification of Compliance with the Kansas Surface Owner Notification Act,. MUST be submitted with this form. KOLAR Document ID: ... HPP and JJR entered into a farmout agreement in which HPP was given the opportunity to earn an assignment of 75% of JJR's interest in an oil and gas lease. The ... Add the Assignment of Oil and Gas Leases by Shareholders of Dissolved Corporation for editing. Click the New Document option above, then drag and drop the file ...
