The Kentucky Assignment of Oil and Gas Lease (All Assignor's Undivided Interest in Nonproducing Lease — Short Form) is a legal document that allows the transfer of an individual's ownership rights and interests in a nonproducing oil and gas lease in Kentucky to another party. This assignment document is used when the assigned lease has not yet yielded any production. Key elements included in the Kentucky Assignment of Oil and Gas Lease (All Assignor's Undivided Interest in Nonproducing Lease — Short Form) are: 1. Assignor's Information: This section provides the necessary details about the party assigning the rights, including their name, address, and contact information. 2. Assignee's Information: This section captures the pertinent information about the party receiving the assigned interest, such as their name, address, and contact details. 3. Lease Information: This part includes the specific details about the nonproducing oil and gas lease being assigned. It typically includes the lease number, effective date, and any legal descriptions or related information necessary to identify the lease. 4. Assignment of Interest: Here, the document outlines the exact interests and rights being transferred. It specifies the assignor's undivided interest in the nonproducing lease, which is being assigned without warranty as to title or liability. This means that the assignor does not guarantee the absence of any defects in the lease or hold any responsibility for any future obligations related to the lease. 5. Consideration: This section mentions the consideration or the agreed-upon compensation for the assignment of interests. It may include monetary compensation, shares, or other items of value. 6. Governing Law: The assignment document typically mentions that the agreement is governed by the laws of Kentucky, ensuring compliance with state regulations and requirements. Different types of Kentucky Assignment of Oil and Gas Lease (All Assignor's Undivided Interest in Nonproducing Lease — Short Form) can be categorized based on variations in the assignor, assignee, or lease details. However, the underlying purpose remains the same, which is the assignment of a specific party's undivided interest in a nonproducing oil and gas lease in Kentucky.
Kentucky Assignment of Oil and Gas Lease (All Assignor's Undivided Interest in Nonproducing Lease - Short Form)
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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.
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 most prevalent example of a term oil and gas interest is an oil and gas lease, which creates in the lessee a leasehold estate commonly referred to in the oil and gas industry as a working or operating interest. The rights granted under an oil and gas lease to a lessee may vary from lease to lease.
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.
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.
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.
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.
A stipulation of interest is a contract that consists of mutual conveyances, and therefore, it must conform to the requirements of both a contract and conveyance. Consequently, title to the property interest will be owned as set out in the stipulation, that is if it contains adequate granting language.
