Ohio Assignment of Oil and Gas Lease (All Assignor's Undivided Interest in Nonproducing Lease - Short Form)

State:
Multi-State
Control #:
US-OG-937
Format:
Word; 
Rich Text
Instant download

Description

This form is an assignment of oil and gas lease with all assignor's undivided interest in nonproducing lease.

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FAQ

An undivided interest is an ownership that is co-owners have an equal right to enjoy the entire property. The property is not divided into identifiable sections. When someone owns less than 100% of the interest, they are said to own an undivided interest.

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.

The lessee of an oil or gas lease can assign the entire lease or part of it. In other words, the lessee can sell or transfer part of the estate or the entire estate to which they have the working rights. The assignee is assigned the working interest and lease obligations, including override royalty.

Partial Assignments: When an assignor conveys 100% record title interest in a portion of the lands in a lease, it creates a partial assignment. Partial assignments segregate the lease into two separate leases. Normally we assign a new lease number to the conveyed portion of the lease.

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Ohio Assignment of Oil and Gas Lease (All Assignor's Undivided Interest in Nonproducing Lease - Short Form)