Assignor grants and sells to the assignees all mineral rights, royalty rights, overriding royalty rights, and leasehold working interest estates acquired by assignor or its predecessors-in-title. The assignment is made without any warranty whatsoever, express or implied not even for the return of the purchase price, except for acts by, through, and under the assignor.
Mississippi Assignment of Oil, Gas and Mineral Leases, Overriding Royalty Interests, Mineral Interests and Royalty Interests
Category:
State:
Mississippi
Control #:
MS-61137
Format:
Word;
Rich Text
Instant download
Description
Definition and meaning
The Mississippi Assignment of Oil, Gas and Mineral Leases, Overriding Royalty Interests, Mineral Interests and Royalty Interests is a legal document that facilitates the transfer of ownership rights related to oil, gas, and other minerals from one party to another. This assignment is essential for those involved in the energy sector, as it formally recognizes the change in ownership of mineral rights, royalty interests, and associated leases. By executing this assignment, the original owner, known as the Assignor, conveys their rights and interests to one or more new parties referred to as Assignees. The document ensures clarity in ownership and responsibilities concerning the production and management of mineral resources.
Who should use this form
This form should be utilized by individuals or entities looking to transfer their interests in oil, gas, and mineral leases in Mississippi. Typical users include:
- Landowners who wish to sell or assign their mineral rights.
- Investors or companies interested in acquiring mineral interests for exploration or production.
- Personal representatives of estates handling the distribution of mineral rights after an owner’s passing.
- Trustees managing assets in a trust that include mineral interests.
Before using the form, it is advisable to consult with a licensed attorney to ensure compliance with local laws and regulations.
Legal use and context
The Mississippi Assignment of Oil, Gas and Mineral Leases serves multiple legal purposes. It is widely used in the energy and natural resources sectors, particularly when parties seek to formalize transfers of mineral rights and royalties. The document is subject to state laws governing property transfers, and it must be executed with proper legal formalities. Additionally, it is often required in transactions involving the sale of land specifically for mining or drilling purposes. Accurate completion of this form helps prevent disputes over ownership and usage rights by providing a legally recognized record of the transfer.
Key components of the form
When completing the Mississippi Assignment of Oil, Gas and Mineral Leases, it is crucial to include several key components to ensure its validity:
- Parties Involved: Clearly identify the Assignor and Assignees, including their legal names and addresses.
- Description of Interests: Precisely describe the mineral rights, leases, and any overriding royalty interests being assigned.
- Consideration: State the amount or terms of consideration for the transfer, such as a specific dollar amount established for the assignment.
- Effective Date: Indicate the effective date of the assignment, which may differ from the execution date.
- Signatures: Ensure all parties sign the document, typically in the presence of witnesses or a notary public to validate the transaction.
Including these elements helps ensure that the assignment is recognized and enforceable under Mississippi law.
Common mistakes to avoid when using this form
When completing the Mississippi Assignment of Oil, Gas and Mineral Leases, avoiding common pitfalls can lead to a smoother transaction:
- Incomplete Information: Ensure all required fields, like names and interest descriptions, are thoroughly filled out.
- Incorrect Effective Dates: Double-check the effective date of the assignment to avoid confusion regarding when ownership changes.
- Failure to Notarize: Lack of notarization may affect the document's validity; ensure to comply with state requirements for witnessing.
- Ignoring Legal Consultation: Consult with an attorney, especially if dealing with complex interests or large transactions. Legal advice can prevent future disputes.
What to expect during notarization or witnessing
Notarization is an essential step in the execution of the Mississippi Assignment of Oil, Gas and Mineral Leases. Here's what to anticipate during this process:
- Identification: All parties signing the document will need to provide valid identification to the notary or witnesses.
- Signing in Presence: Parties must sign the document in front of the notary, who will then complete their portion.
- Record Keeping: The notary will keep a record of the transaction, which may include noting the details of the document and the parties involved.
The goal of notarization is to confirm the identities of the signers and ensure that all parties are signing voluntarily without coercion.
Benefits of using this form online
Accessing and completing the Mississippi Assignment of Oil, Gas and Mineral Leases online provides several advantages:
- Convenience: Users can fill out the form at their own pace from the comfort of their home or office.
- Accessibility: Online access ensures that users can obtain the latest forms and legal resources without needing to visit a physical office.
- Guidance: Many online platforms offer step-by-step instructions and legal resources to assist users in completing the form correctly.
- Time-Saving: Downloadable forms mean users can quickly complete and submit the assignment without lengthy wait times.
Utilizing online resources enhances the efficiency and accuracy of the process, making it a popular choice for many individuals and businesses.
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FAQ
Overriding Royalty Interest (ORRI) a percentage share of production, or the value derived from production, which is free of all costs of drilling and producing, and is created by the lessee or working interest owner and paid by the lessee or working interest owner.
Overriding Royalty Interest (ORRI) a percentage share of production, or the value derived from production, which is free of all costs of drilling and producing, and is created by the lessee or working interest owner and paid by the lessee or working interest owner.
The royalty mineral owner retains ownership of the interest after production stops. Holders of overriding royalty interests have no ownership rights to the minerals under the ground but a non-possessory undivided interest.
An overriding royalty interest generally entitles the owner of the interest to a specified share of the oil and gas produced under the terms of the lease. In Texas and in many other oil-producing states, overriding royalty interests are generally treated as interests in real estate.
The value of an overriding royalty interest is simple to calculate since it is a percent of the working interest lease. The ORRI value is based on production on the acreage leased by the working interest.
Royalty Interest an ownership in production that bears no cost in production. Royalty interest owners receive their share of production revenue before the working interest owners. Working Interest an ownership in a well that bears 100% of the cost of production.
An Assignment of an Oil, Gas and Mineral Lease is a document in which the original Lessee, and or their successors, assign either all or part of their working interest and/or net revenue interest that they own in that lease. This is leasehold interest. You can also assign or reserve interest in wellbores.
An overriding royalty interest is the right to receive revenue from the production of oil and gas from a well.An overriding royalty interest expires once the lease has expired and production has stopped, whereas minerals and royalties owners maintain their ownership after production stops.
An overriding royalty interest is the right to receive revenue from the production of oil and gas from a well. The overriding royalty is carved out of the lessee's (operator's) working interest and entitles its owner to a fraction of production.
