This form is used when an Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ), reserving the right to pool the assigned interest.
A Kentucky Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal document that outlines the transfer of the overriding royalty interest (ORRIS) while allowing the assignor to retain the right to pool the assigned interest. This type of agreement is commonly used in the oil and gas industry to facilitate the efficient extraction of resources from multiple leased properties. In Kentucky, there can be various types of Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form, including: 1. Oil and Gas Assignment: This document specifically relates to the assignment of ORRIS in oil and gas leases. It details the interests of the parties involved and establishes the parameters within which pooling can take place. 2. Mineral Rights Assignment: This variant of the assignment refers to the transfer of ORRIS pertaining to all types of minerals found on the leased properties, including coal, limestone, and other valuable substances. 3. Lease Assignment: This type of agreement is focused on the transfer of leasehold interests, which encompasses both the rights to the property and any associated ORRIS. It stipulates the assignor's reservation of the right to pool their assigned interest. 4. Development and Exploration Agreement: This agreement is designed to facilitate collaboration between the assignor and the assignee in terms of development and exploration activities related to the assigned ORRIS. It outlines the terms and conditions under which such operations will be conducted. By entering into a Kentucky Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form, the assignor can ensure that they are still able to pool their assigned interest, providing them an opportunity to combine resources from multiple leased properties. This pooling approach can optimize oil and gas extraction efforts, streamline operations, and maximize production efficiency, ultimately benefiting both parties involved. It is essential for both parties to consult legal counsel before entering into such an agreement to ensure that their respective interests and rights are appropriately protected. Additionally, all relevant legal standards and regulations should be considered, making sure compliance is maintained throughout the entirety of the assignment.
