This form is used when the Assignor wishes to convey, assign and sell to the Assignee an undivided working interest in an oil and gas lease but reserves an overriding royalty interest payable on all oil, gas, and associated hydrocarbons produced, saved and sold from the Lands.
A New Mexico Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease is a legal document that allows the transfer of certain rights or interests in an oil and gas lease for specific portions of land that are currently not being used for production purposes. This type of assignment is commonly used when the lessee wants to retain some rights while transferring others associated with the lease. Keywords: New Mexico, Partial Assignment, Oil and Gas Lease, Lands, Nonproducing Lease. There are different types of New Mexico Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease, including: 1. Surface Rights Assignment: This type of assignment involves the transfer of surface rights associated with the nonproducing lease, allowing the assignee to access and use the surface of the specified land for oil and gas exploration, drilling, and related activities. 2. Mineral Rights Assignment: In this type of assignment, the mineral rights of a nonproducing lease are transferred to another party, giving them the exclusive rights to extract and produce oil and gas resources from the specified land. 3. Royalty Interest Assignment: This assignment involves transferring the royalty interests associated with a nonproducing lease to another party. The assignee will receive a portion of the profits from the production of oil and gas in proportion to the assigned royalty interest. 4. Working Interest Assignment: This type of assignment transfers the working interests of a nonproducing lease, which refers to the ownership percentage of costs and profits associated with the lease. The assignee becomes responsible for a portion of the expenses and receives a share of the revenue generated from the lease. 5. Override Interest Assignment: An override interest assignment involves the transfer of an override interest in a nonproducing lease. An override interest provides the assignee with a percentage of the revenue generated from the lease, typically in addition to any working or royalty interests. It's important to note that the specific terms and conditions of a New Mexico Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease may vary depending on the agreement between the parties involved. The assignment should comply with the applicable state laws and regulations governing oil and gas leases in New Mexico. It is recommended to consult with legal professionals experienced in oil and gas transactions to ensure compliance and protect the interests of all parties involved.
