This form is used when an Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all oil, gas, and other minerals produced, saved, and marketed from the Lands and Leases equal to a percentage of 8/8 (the Override ).
An Oklahoma Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a legal document that outlines the transfer of the overriding royalty interest from one party to another in the state of Oklahoma. This type of assignment is specifically used when there are multiple leases involved, and there is no reduction in the proportionate interest of the overriding royalty. The overriding royalty interest refers to the right to receive a portion of the revenue generated from the production of oil, gas, or other minerals from a leased property. This interest is typically granted to a party that does not own the underlying property but has an agreement with the property owner to receive a percentage of the revenue. In the context of Oklahoma, where the oil and gas industry plays a significant role in the state's economy, the Assignment of Overriding Royalty Interest is a crucial legal document. It allows parties to transfer their interest in the revenue generated from multiple leases without any reduction in their proportionate share. There are different types of Oklahoma Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form, depending on the specific circumstances and parties involved. Some variations may include assignments between individuals, assignments between companies, assignments involving a combination of individuals and companies, or assignments that involve multiple overriding royalty interests. When drafting a long-form assignment, it is important to include all the necessary details and provisions. This includes the identification of the parties involved, the description of the leases being assigned, the current overriding royalty interest for each lease, the percentage being assigned, and any additional terms and conditions agreed upon by the parties. The document should also address any potential conflicts or disputes that may arise in the future. This may include provisions for dispute resolution or arbitration, indemnification clauses, and warranties or representations made by the parties. In summary, an Oklahoma Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a comprehensive legal document used to transfer overriding royalty interests between parties involved in the oil and gas industry. It ensures that the proportionate interest in the revenue generated from multiple leases remains unchanged, and it provides clarity and protection for all parties involved.
