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.
The Minnesota 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 overriding royalty interest from the assignor to the assignee while allowing the assignor to retain the right to pool the assigned interest. This document is crucial in oil and gas leasing agreements, ensuring the assignee receives their rightful share of the overriding royalty interest. The key components of this assignment include identifying parties involved, describing the assigned interest, specifying the terms and conditions, and outlining the assignor's reservation of the right to pool the interest. It is important to note that there may be different types or variations of this assignment, depending on specific circumstances or agreements between the parties involved. In a Minnesota Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form, the assignor is typically the original owner of the overriding royalty interest, while the assignee is the individual or entity receiving the assigned interest. The assignor reserves the right to pool, which means they can combine or aggregate the assigned interest with other interests to form a larger unit or location for the extraction of oil and gas resources. This assignment acts as an official transfer of the overriding royalty interest, and it typically includes provisions regarding payment, duration, and the assignor's obligations. The assignee will often receive periodic payments based on their share of the overriding royalty interest from the assigned interest. The assignor's reservation of the right to pool ensures they can maximize the extraction and profitability of the assigned interest in joining forces with other parties. Some possible variations or types of this assignment may include: 1. Minnesota Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form for Oil Leases: This specific type relates to assignments in the oil industry, where the overriding royalty interest is derived from oil production. 2. Minnesota Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form for Gas Leases: Similar to the previous type, this variant focuses on assignments involving gas leases, where the overriding royalty interest is based on natural gas production. 3. Minnesota Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form with Minimum Royalty Guarantee: This type ensures the assignee receives a minimum payment or royalty, regardless of the profitability or production levels of the assigned interest. In summary, the Minnesota Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legally binding document that enables the transfer of overriding royalty interest while allowing the assignor to retain the right to pool the assigned interest. It serves to protect the interests of both the assignor and assignee, ensuring a fair distribution of profits from oil and gas production. Different types or variations of this assignment may exist, focusing on specific industries or additional provisions, such as minimum royalty guarantees.
