This form is used when the Assignor sells, assigns, and conveys to Assignee, an undivided percentage of all of Assignor's rights, title, and interests in his Oil and Gas Leases. By this Assignment, Assignor also sells, assigns, and conveys to Assignee a like undivided interest in all equipment, personal property, and fixtures located on the lands covered by the Leases.
North Dakota Assignment and Bill of Sale of Undivided Interest in Multiple Producing Leases - Short Form
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Multi-State
Control #:
US-OG-260
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Word;
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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.
Oil and gas interests are interests in real property and thereby have the same attributes as other real property such as a home or a ranch. Although the ownership of oil and gas interests can take many forms, courts commonly analogize the ownership of oil and gas interests to a bundle of sticks.
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 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.
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This form is used when the Assignor sells, assigns, and conveys to Assignee, an undivided percentage of all of Assignor's rights, title, and interests in ... Insert the name and address of the assignor. Only one assignor per assignment. C) Insert the total amount (%) of interest the assignor owns. D) Insert the legal ...The best way to edit Assignment and Bill of Sale of Undivided Interest in Multiple Producing Leases - Short Form online · Sign up and log in to your account. BASIC OIL AND GAS FORMS PROGRAM · Assignment (Undivided Interest in Producing Lease) · Assignment and Bill of Sale (To Life Tenant and Remainderman) · Assignment ... Short Form); Assignment and Bill of Sale (To Life Tenant and Remainderman); Assignment and Bill of Sale (Undivided Interest in Multiple Producing Leases. Short ... The attorney drafting an assignment must be aware of how the lease is classified in their state and then determine whether the legislature or courts have, in ... by DE Pierce · 1990 · Cited by 23 — assigns Y an undivided 1/2 interest in the lease and the assignment states that Y will receive not less than 7/16ths of gross production. A will be re-. 101. Small tract lease. St Step Mer. St. Stephens Meridian. Sta. Station. Stat. Statute. Stats. Statutes. Sto. Storage. Str. Structure. STS. Small tract sale. Subdiv ... Assignment and Bill of Sale: an instrument used to evidence the sale, transfer or Conveyance of an ownership interest in real property. (including oil and gas ... a description of various undivided interests in nine different tracts. The ... If the bill of sale is not combined with the assignment so that a separate ...
