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.
The Ohio Assignment of a Diversionary Working Interest is a legal and contractual mechanism used in the oil and gas industry. This document outlines the transfer of rights and responsibilities associated with a diversionary working interest in Ohio, specifically. Diversionary working interest refers to the working interest that reverts to the assignor after certain conditions or events occur. In simpler terms, a diversionary working interest is a share of ownership in an oil or gas lease that is transferred from one party (the assignor) to another party (the assignee), with the understanding that the assignor will gain ownership of the interest again at a later date. The Ohio Assignment of a Diversionary Working Interest involves several key components. Firstly, it clearly identifies the parties involved, including their legal names, addresses, and contact information. It specifies the effective date of the assignment and any particular conditions that need to be met for the transfer of interest to occur. Furthermore, the document defines the nature and extent of the diversionary working interest being assigned. This may include details such as the exact percentage or fractional interest being transferred, the specific lease or field to which it pertains, and any limitations or exceptions that apply. The assignment may be subject to certain rights and obligations, which are outlined in the agreement. It may include responsibilities such as sharing in the costs of exploration, development, and operation of the leased property, as well as participating in any potential profits or losses. The assignor might also retain certain rights, like the right to approve subsequent assignments or the ability to receive updates and reports regarding the leased property's activities. Different types of Ohio Assignment of A Diversionary Working Interest may exist depending on the specific circumstances and agreements between the parties involved. These types could include partial assignments, where only a portion of the working interest is transferred, or temporary assignments, which grant the assignee temporary ownership before reverting to the assignor. In conclusion, the Ohio Assignment of a Diversionary Working Interest is a legal document that facilitates the transfer of a diversionary working interest in the oil and gas industry. It outlines the rights, responsibilities, and conditions associated with the transfer, and can encompass various forms depending on the specific agreements made between the parties involved.
