This form is used when an Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ), reserving the right to pool the assigned interest.
Ohio Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal document used in oil and gas transactions in Ohio. This type of assignment involves the transfer of an overriding royalty interest, where the assignee will receive a percentage of the revenue generated from the extraction and sale of oil and gas. In this particular form, the assignor reserves the right to pool the assigned interest. Pooling, also known as unitization, is the process of combining multiple oil and gas leases or interests in a specific area to optimize exploration and production operations. By reserving this right, the assignor can participate in pooling or unitization agreements without affecting the assigned overriding royalty interest. The Ohio Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form can vary depending on the specific terms and conditions agreed upon by the parties involved. However, some key components typically included in this document are: 1. Parties involved: The assignment will identify the assignor, the party transferring their overriding royalty interest, and the assignee, the party receiving the assigned interest. 2. Description of overriding royalty interest: This section will detail the percentage or fraction of the revenue from oil and gas production that the assignee will receive. 3. Reservation of the right to pool: This clause will explicitly state that the assignor reserves the right to pool or unitize the assigned overriding royalty interest in accordance with applicable laws and regulations. 4. Conditions for pooling: The document may outline specific criteria or requirements that must be met for the assignor to exercise their right to pool. This can include minimum acreage, the approval of a certain percentage of leaseholders, or other conditions set by the assignor. 5. Representations and warranties: The assignment may include statements by both parties affirming that they have the legal capacity to enter into the agreement and that the assignor is the rightful owner of the overriding royalty interest being assigned. It is important to note that while the Ohio Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a commonly used format, variations or additional provisions may exist depending on the specific circumstances of the assignment. Note: Make sure to consult with a qualified attorney or legal professional when drafting or executing any legal document to ensure compliance with Ohio laws and regulations.
