New Mexico Assignment of Oil and Gas Leases of All Interest in Undeveloped Leases — Short Form: A Comprehensive Overview In the state of New Mexico, the Assignment of Oil and Gas Leases of All Interest in Undeveloped Leases — Short Form is a legally binding document that allows the transfer of rights and interests in undeveloped oil and gas leases. This assignment grants the assignee the authority to explore, develop, and produce oil and gas resources on the leased land, subject to the terms and conditions specified in the agreement. Key Terms and Clauses: 1. Parties: The agreement identifies the assignor (the current leaseholder) and the assignee (the new rights' holder) involved in the assignment transaction. The legal names, contact details, and capacities of both parties are clearly stated. 2. Recitals: This section provides a preamble that explains the purpose of the assignment, highlighting the desire of the assignor to transfer their interests and the willingness of the assignee to accept the assignment. 3. Assignment and Assumption: The core of the agreement sets out the specific terms of the assignment. It outlines the rights being transferred by the assignor to the assignee, including the exclusive authority to explore, produce, and develop oil and gas resources on the leased property. 4. Effective Date and Term: The date on which the assignment becomes effective is mentioned, along with the term of the assignment, which typically specifies the duration of the lease or the time frame during which the assignee can exercise their rights. 5. Consideration: The consideration clause establishes the financial aspects of the assignment, such as the amount of money or other valuable assets (e.g., stocks, bonds) exchanged between the assignor and assignee for the assignment. 6. Further Assurances: This clause requires both parties to provide any additional documents, information, or actions necessary to fulfill the terms of the assignment, ensuring a smooth transfer of rights. 7. Governing Law: New Mexico Assignment of Oil and Gas Leases of All Interest in Undeveloped Leases — Short Form will specify the jurisdiction whose laws will govern any disputes arising from the assignment. Different Types of New Mexico Assignment of Oil and Gas Leases of All Interest in Undeveloped Leases — Short Form: 1. Single Lease Assignment: This type of assignment involves the transfer of the entire interest in a single undeveloped lease from the assignor to the assignee. 2. Multiple Lease Assignment: In cases where the assignor holds rights in multiple undeveloped leases, this type of assignment allows for the transfer of all interests in those leases to a singular assignee. 3. Partial Assignment: This form of assignment involves the transfer of only a portion of the assignor's interest in an undeveloped lease to the assignee, while retaining some level of ownership or rights for the assignor. 4. Non-Operated Working Interest Assignment: This assignment specifically relates to the transfer of a non-operating working interest in an undeveloped lease from the assignor to the assignee. It grants the assignee the right to receive a percentage of the revenues generated from the leased property. These various forms of Assignment of Oil and Gas Leases of All Interest in Undeveloped Leases — Short Form provide flexibility and specificity to accommodate the diverse needs and circumstances of both assignors and assignees in New Mexico's oil and gas industry.
New Mexico Assignment of Oil and Gas Leases of All Interest in Undeveloped Leases - Short form
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ASSIGNMENT: The legal instrument whereby Oil and Gas Leases or Overriding Royalty interests are assigned or conveyed. ASSIGNMENT CLAUSE: A clause in any legal instrument that allows either party to the contract to assign all or part of his or her interest to others.
Total operated basis: The total reserves or production associated with the wells operated by an individual operator. This is also commonly known as the "gross operated" or "8/8ths" basis.
The lessee of an oil or gas lease can assign the entire lease or part of it. In other words, the lessee can sell or transfer part of the estate or the entire estate to which they have the working rights. The assignee is assigned the working interest and lease obligations, including override 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.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
Wellbore. An assignment can be limited to the wellbore of a well. A wellbore limitation means that the assignor is assigning only those rights to production from the wellbore of a certain well, arguably at the total depth it existed at the time of the assignment.
Any partial assignment of any lease shall segregate the assigned and retained portions thereof, and as above provided, release and discharge the assignor from all obligations thereafter accruing with respect to the assigned lands; and such segregated leases shall continue in full force and effect for the primary term ...
