Kentucky Term Assignment and Agreement for Nonproducing Portion of HBP Leases

State:
Multi-State
Control #:
US-OG-226
Format:
Word; 
Rich Text
Instant download

Description

This form is used when an Assignor transfers and assigns to Assignee all of Assignors rights, title, and interests in and to the described oil and gas lease or leases only insofar as the Leases cover and include the oil, gas, casinghead gas and other liquid, gaseous or vaporous substances in, under, and which may be produced from the described lands.

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FAQ

1. n. [Oil and Gas Business] This clause is typically used in farmout agreements to convert the overriding royalty interest of a lease owner, lessee, or nonparticipating partner into a working interest upon payout of the well.

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.

A working interest is a type of investment in oil and gas operations. In a working interest, investors are liable for ongoing costs associated with the project but also share in any profits of production. Both the costs and risks of a working interest are extremely high.

1. n. [Oil and Gas Business] When the election to convert the overriding royalty to working interest takes place, it is known as a back-in after payout (BIAPO).

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.

Overriding Royalty Interest (ORRI) A royalty in excess of the royalty provided in the Oil & Gas Lease. Usually, an override is added during an intervening assignment. ORRIs are created out of the working interest in a property and do not affect mineral owners.

8/8ths / 8/8ths Basis: a term used to describe either the full Working Interest or full Net Revenue Interest with respect to a given Tract. Pursuant to an Oil and Gas Lease, the Lessor retains the Lessor Royalty.

Working interest describes a percentage of ownership in a mineral lease granting its owner the right to explore, drill, and produce oil and gas from the leased property.

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Kentucky Term Assignment and Agreement for Nonproducing Portion of HBP Leases