Kansas Assignment and Bill of Sale of Well Bores is a legal document used to transfer ownership rights and interests in oil and gas well bore assets in the state of Kansas. This document outlines the terms and conditions of the transfer, including the consideration (payment) for the well bores. The Kansas Assignment and Bill of Sale of Well Bores is essential in ensuring a smooth and legally compliant transfer of ownership between parties. It provides a detailed description of the specific well bores being transferred, including their locations, identifying information, and any associated leases or interests. Key elements incorporated into the Kansas Assignment and Bill of Sale of Well Bores include: 1. Parties involved: This document clearly identifies the parties to the transaction, including the assignor (current owner) and the assignee (new owner). It includes their names, addresses, and any relevant legal entity information. 2. Well bore identification: Each well bore being transferred is described in detail, including their API (American Petroleum Institute) numbers, well names, county and section locations, and any other pertinent information to accurately identify the assets. 3. Consideration: This section outlines the agreed-upon payment or consideration for the transfer of the well bores. It may include details on the payment method, installment plans, or any other financial arrangements between the parties. 4. Existing leases and interests: If any leases, working interests, or other agreements are associated with the well bores, they are identified and their transfer is addressed within the document. This ensures that all rights and obligations related to these agreements are properly assigned. 5. Representations and warranties: The Kansas Assignment and Bill of Sale of Well Bores commonly includes representations and warranties made by the assignor concerning the ownership of the assets and their condition. These statements assure the assignee of the accuracy of the information provided and mitigate against any future disputes. Types of Kansas Assignment and Bill of Sale of Well Bores may vary based on the specific circumstances of the transfer. For example: 1. Individual Well Bore Assignment: This type of assignment focuses on the transfer of individual well bores, where a single well or a limited number of wells are being transferred between parties. 2. Portfolio Assignment: In cases where a larger number of well bores are being transferred in a single transaction, a portfolio assignment may be used. This type of assignment simplifies the process by consolidating multiple well bores under one document. 3. Partial Assignment: When only a portion of the ownership rights in a well bore are being transferred, a partial assignment is executed. This allows for the division of ownership and interests in the assets. In conclusion, the Kansas Assignment and Bill of Sale of Well Bores is a crucial legal document used for the transfer of ownership rights and interests in oil and gas well bore assets in Kansas. It ensures a transparent and legally compliant transfer while providing details of the well bores, consideration, existing agreements, and representations and warranties. Different types of assignments may exist, such as individual well bore assignments, portfolio assignments, or partial assignments, depending on the specific circumstances of the transfer.
Kansas Assignment and Bill of Sale of Well Bores
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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.
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.
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.
Burden / Burden on Production: those amounts that an Oil and Gas Lease or other agreement requires to be paid out of or measured by the Production of Hydrocarbons from the Tract(s) covered by the Lease or agreement (e.g., Lessor Royalties, ORRIs, NPRIs and NPIs).
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.
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.
Wellbore Interest means, for each Subject Well, a specified percentage of AEE's right, title and interest in and to: (i) the applicable Subject Well and associated wellbore and all Hydrocarbons and other substances produced therewith, (ii) all equipment, contracts and other personal property and fixtures associated ...
