This form is used when Assignor assigns, sells, and conveys to Assignee an undivided % of all of Assignor's rights, title and interests in an Oil and Gas Lease. This Assignment covers and includes a like interest in all equipment and fixtures located on the Lease.
Oklahoma Assignment of Undivided Interest in Producing Lease
Category:
State:
Multi-State
Control #:
US-OG-255
Format:
Word;
Rich Text
Instant download
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How to fill out Assignment Of Undivided Interest In Producing Lease?
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FAQ
This means they each person owns an undivided one-half interest in the property but there is no automatic right of survivorship. When one co-owner dies the interest of the deceased co-owner goes directly to that person's heir or heirs, either by will or by intestate succession.
An undivided interest means that two or more persons have an interest in a property held under the same title. The undivided interest encompasses the whole property, and its holders have equal rights to the entire property.
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.
The term ?undivided interest? refers to a type of ownership in which multiple parties share ownership of a single asset without the property being physically divided among them. This is commonly seen in real estate, natural resource holdings, and certain types of financial investments.
In an undivided interest arrangement, two or more owners of a working interest share revenues and expenses in ance with their proportional ownership interests. In a divided interest arrangement, the owners of a working interest receive revenue and pay for expenses based on their ownership of specific acreage.
