This form is used when an Assignor was granted the right to receive, at payout, a certain reversionary working interest in the Lease. Payout has not occurred, and Assignor is vested with beneficial ownership of the Interest in the Leases and Lands. The purpose of this Assignment and the intention of Assignor is to assign to Assignee, the Interest.
New York Assignment of A Diversionary Working Interest is a legal document that allows an individual or entity to transfer their ownership rights and interests in a diversionary working interest to another party. This assignment typically involves the oil and gas industry, where a diversionary working interest refers to the share of production or revenue received from the sale of oil and gas obtained from a particular lease or property. In New York, there are several types of assignments of a diversionary working interest that can occur, depending on the specific terms and conditions agreed upon by the parties involved. These types may include: 1. Full Assignment: This type of assignment involves the complete transfer of the diversionary working interest from one party to another. The assignee assumes all rights, responsibilities, and liabilities associated with the interest. 2. Partial Assignment: In this case, only a portion of the diversionary working interest is transferred to the assignee, while the assignor retains ownership over the remaining interest. The assignee will have rights and obligations related to the assigned portion of the interest. 3. Mineral Specific Assignment: Some assignments may be limited to a specific mineral or resource within the diversionary working interest, such as oil, gas, or other valuable substances. This allows for more specific division and management of the interest based on the mineral rights involved. 4. Term Assignment: This type of assignment involves transferring the diversionary working interest for a specified period or term. Once the agreed-upon term expires, the interest reverts to the original owner automatically. 5. Non-Term Assignment: Unlike term assignments, non-term assignments do not have a predefined expiration date. The assignee will generally retain the interest until they choose to assign or transfer it to another party. It is crucial to consult with legal professionals experienced in the oil and gas industry when entering into a New York Assignment of A Diversionary Working Interest. They can ensure that all necessary legal requirements are met, and that the terms of the assignment properly protect the interests of all parties involved.
