This form is used when Assignor assigns, sells, and conveys to Assignee an undivided % of all of Assignor's rights, title and interests in an Oil and Gas Lease. This Assignment covers and includes a like interest in all equipment and fixtures located on the Lease.
North Dakota Assignment of Undivided Interest in Producing Lease
Category:
State:
Multi-State
Control #:
US-OG-255
Format:
Word;
Rich Text
Instant download
Description
How to fill out Assignment Of Undivided Interest In Producing Lease?
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FAQ
The undivided interest is not separated into parts or shares. Thus, no individual co-owner has exclusive rights to any specific portion of the property. For example, if four persons own under an undivided interest 10 acres of land, each individual owner would have a 25% undivided interest in the entire 10 acres.
An undivided interest is an ownership that is co-owners have an equal right to enjoy the entire property. The property is not divided into identifiable sections. When someone owns less than 100% of the interest, they are said to own an undivided interest.
Working interest is a term for a type of investment in oil and gas drilling operations in which the investor is directly liable for a portion of the ongoing costs associated with exploration, drilling, and production.
The term ?undivided interest? refers to a type of ownership in which multiple parties share ownership of a single asset without the property being physically divided among them. This is commonly seen in real estate, natural resource holdings, and certain types of financial investments.
An undivided interest is an ownership that is co-owners have an equal right to enjoy the entire property. The property is not divided into identifiable sections. When someone owns less than 100% of the interest, they are said to own an undivided interest.
The definition of assignment in real estate is the sale, transfer, or conveyance of a whole property ownership/rights or part of it to another party. The term in the oil and gas industry is used for sale, transfer, or conveyance of working interest, lease, royalty, overriding royalty interest, or net profit interest.
