A New York Assignment of Oil and Gas Lease (All Assignor's Undivided Interest in Nonproducing Lease — Short Form) is a legal document that transfers the entirety of an individual's ownership interest in a nonproducing oil and gas lease in the state of New York to another party. This assignment can be of immense importance in the oil and gas industry, as it allows for the efficient transfer of interests and the consolidation of ownership rights. In this assignment, the assignor, who is the current leaseholder, transfers their undivided interest in the lease to the assignee, who becomes the new owner of the lease. The term "undivided interest" implies that the assignor's share does not need to be precisely quantified, but instead, it refers to a proportionate ownership right that is an undivided part of the entire lease. This short-form assignment is specifically designed for nonproducing leases, which are oil and gas leases that are currently not yielding any production. The purpose of this assignment is often to allow the assignee to consolidate or acquire full control over the lease, potentially enabling them to explore and develop the leased property in the future. It is worth noting that there may be different types of New York Assignment of Oil and Gas Lease (All Assignor's Undivided Interest in Nonproducing Lease — Short Form), but they would generally serve a similar purpose with slight variations depending on individual circumstances or specific contractual arrangements. Some potential variations could include alterations in terms of consideration or conditions of the assignment, additional provisions addressing potential environmental concerns or liabilities related to the lease, or specific lease restrictions that need to be taken into account. To execute a New York Assignment of Oil and Gas Lease (All Assignor's Undivided Interest in Nonproducing Lease — Short Form), both the assignor and assignee must be parties to the agreement. Additionally, the assignment should clearly identify the lease in question, including its legal description and any relevant identification numbers. The document should further specify the assignor's undivided interest being assigned, the consideration or compensation involved, and any other terms and conditions agreed upon by both parties. In conclusion, a New York Assignment of Oil and Gas Lease (All Assignor's Undivided Interest in Nonproducing Lease — Short Form) is a crucial legal document in the oil and gas industry, facilitating the transfer of ownership rights in nonproducing leases. Its purpose is to enable the assignee to consolidate or gain control over the lease and potentially explore and develop the property in the future.
New York Assignment of Oil and Gas Lease (All Assignor's Undivided Interest in Nonproducing Lease - Short Form)
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FAQ
What Is Working 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.
Oil and Gas Interest means any oil or gas royalty or lease, or fractional interest therein, or certificate of interest or participation or investment contract relative to such royalties, leases or fractional interests, or any other interest or right which permits the exploration of, drilling for, or production of oil ...
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.
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.
There are 6 types of mineral rights, including mineral interest (MI), royalty interest (RI), overriding royalty interest (ORRI), working Interest (WI), non-operated working interest, and net profits interest.
A stipulation of interest is a contract that consists of mutual conveyances, and therefore, it must conform to the requirements of both a contract and conveyance. Consequently, title to the property interest will be owned as set out in the stipulation, that is if it contains adequate granting language.
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.
An overriding royalty interest (ORRI) is an interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.
