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Louisiana Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease

Category:
Oil Gas and Minerals - Assignments
State:
Multi-State
Control #:
US-OG-521
Format:
Word; 
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Description

This form is used when the Assignor wishes to convey, assign and sell to the Assignee an undivided working interest in an oil and gas lease but reserves an overriding royalty interest payable on all oil, gas, and associated hydrocarbons produced, saved and sold from the Lands.

Louisiana Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease is a legal document that allows for the transfer of a portion of the rights and interests in an existing nonproducing oil and gas lease. This partial assignment is specific to Louisiana and is commonly used in the oil and gas industry for efficient and effective management of leaseholds. The Louisiana Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease serves as a valuable tool for oil and gas operators, landowners, and investors looking to maximize the potential of their leased properties. By allowing the assignment of a portion of the lease, this document facilitates joint ventures, partnerships, and other cooperative arrangements. Keywords: Louisiana, Partial Assignment, Oil and Gas Lease, Lands, Nonproducing Lease, Transfer, Rights, Interests, Existing Lease, Efficiency, Management, Leaseholds, Operators, Landowners, Investors, Potential, Joint Ventures, Partnerships, Cooperative Arrangements. There are several types of Louisiana Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease, including: 1. Straight Partial Assignment: This type of assignment involves the transfer of a specified portion of the leased lands subject to a nonproducing lease. The assignee gains the assigned portion of rights and interests, such as the right to explore, develop, and extract oil and gas resources. 2. Percentage Partial Assignment: In this case, a percentage of the leased lands subject to a nonproducing lease is assigned to another party. The assignee receives a percentage of the total rights and interests in the lease, proportional to the assigned area. 3. Time-Limited Partial Assignment: This type of assignment grants the assignee rights and interests in the leased lands subject to a nonproducing lease for a specified period. It allows for temporary joint ventures or partnerships to explore and develop specific areas without affecting the overall lease agreement. 4. Depth-Limited Partial Assignment: With this assignment, only a specific depth range of the leased lands subject to a nonproducing lease is transferred. It is often used when different parties are interested in exploring and developing resources at different depths within the same lease. 5. Geographically Limited Partial Assignment: This assignment restricts the transfer of rights and interests to a particular geographic area within the overall leased lands subject to a nonproducing lease. It allows for focused exploration and development activities within a defined region. These different types of Louisiana Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease cater to various scenarios and objectives, providing flexibility and customization for entities involved in the oil and gas industry. Keywords: Straight Partial Assignment, Percentage Partial Assignment, Time-Limited Partial Assignment, Depth-Limited Partial Assignment, Geographically Limited Partial Assignment, Lease, Nonproducing, Resources, Transfer, Assignee, Rights, Interests, Exploration, Development, Joint Ventures, Partnerships, Customize.

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FAQ

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.

1. A provision in an habendum clause of an oil and gas lease requiring production means production in paying quantities. 2. Generally, production in paying quantities means production which is profitable to the Lessee.

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.

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.

Negotiating an oil and gas lease will require some research upfront. If you're a landowner interested in working with an oil and gas company, you should explore their history and experience. You'll want to work with a reputable company that works in your best interests, holds a high standard, and maintains insurance.

: a deed by which a landowner authorizes exploration for and production of oil and gas on his land usually in consideration of a royalty.

What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.

Partial Assignments: When an assignor conveys 100% record title interest in a portion of the lands in a lease, it creates a partial assignment. Partial assignments segregate the lease into two separate leases. Normally we assign a new lease number to the conveyed portion of the lease.

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WHEREAS, Assignor is the present owner and holder of working interests in those certain oil and gas leases as more fully described in Exhibit “A” attached ... by PS Ottinger — I. Introduction. A. Preface. To say that exploratory oil and gas wells are rarely, if ever, drilled by the initially named lessee under a ...Submit the assignment packet by courier to the Office of Mineral Resources, Attention Docket and Lease Ownership Section, 617 N. Third Street, 8th Floor, Baton ... by TA Harrell · 1991 · Cited by 25 — '0 As a result of these factors, the Louisiana Supreme. Court began to grant partial cancellation of oil and gas leases when the breach by the lessee did not ... Partial assignments segregate the lease into two separate leases. Normally we assign a new lease number to the conveyed portion of the lease. FORMS CAN BE ... BASIC OIL AND GAS FORMS PROGRAM · Assignment (Nonproducing Lease on Part of Lands Subject to Lease) · Assignment of After Payout Interest · Assignment of Oil and ... It may allow a partial assignment by the lessor, but will require that the assignment cannot increase the lessee's obligations under the lease, such as drilling ... Assignment or subletting of leases; relinquishment of rights under leases; conditions in leases for protection of diverse interests in operation of mines, wells ... 30 Mar 2016 — This section describes the types of evidence that BOEM will require in order to qualify a person to hold leases on the OCS. Section 556.402 ... cover and assign a portion of a lease block; e.g., where the lease is held by production from a platform on one part of the block, but the owner does not ...

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