This form is used when 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 ).
Title: Oklahoma Assignment of Overriding Royalty Interest in Multiple Assignors — Understanding Various Types and Definitions Introduction: The Oklahoma Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that holds significant importance in the oil and gas industry. This detailed description aims to provide an in-depth understanding of this type of assignment, its purpose, and the various types and definitions associated with it. Keywords: Oklahoma Assignment, Overriding Royalty Interest, Multiple Assignors, Oil and Gas, Legal Document, Purpose, Types, Definitions 1. Definition of Oklahoma Assignment of Overriding Royalty Interest: The Oklahoma Assignment of Overriding Royalty Interest in Multiple Assignors refers to a legally binding document that allows multiple assignors to transfer their respective overriding royalty interests in oil and gas leases to assignees. This document establishes the rights and obligations of both parties involved in the agreement. 2. Purpose of the Oklahoma Assignment of Overriding Royalty Interest: The primary purpose of this assignment is to transfer the overriding royalty interest from multiple assignors to one or more assignees. It enables the assignee(s) to receive a portion of the revenue generated from the production and sale of oil and gas on specified lands or leases. 3. Key Components of the Assignment: a) Assignors: Multiple individuals or entities who currently possess overriding royalty interests in the oil and gas leases and are willing to transfer said interests. b) Assignees: One or more individuals or entities who will receive the transferred overriding royalty interests. c) Property Description: Detailed information regarding the lands or leases where the overriding royalty interests are located. d) Consideration: The consideration or compensation agreed upon by the assignors in exchange for transferring their overriding royalty interests. e) Terms and Conditions: The terms and conditions governing the assignment, including duration, rights, obligations, and any limitations imposed. 4. Different Types of Oklahoma Assignment of Overriding Royalty Interest in Multiple Assignors: a) Conveyance Assignment: The assignors transfer their overriding royalty interests to assignees permanently and relinquish all their rights and claims on the interests. b) Conveyance Assignment with Diversionary Clause: The assignors transfer their overriding royalty interests to assignees, but also include a diversionary clause that allows them to revert the interests back under certain circumstances, such as non-production or expiration of leases. c) Assignment with Carved-Out Interests: Assignors transfer a portion of their overriding royalty interests while retaining a percentage for themselves or future assignments. d) Partial Assignment: Assignors transfer only a portion of their overriding royalty interests, leaving behind their remaining interests intact. Conclusion: Understanding the Oklahoma Assignment of Overriding Royalty Interest in Multiple Assignors is crucial for individuals and entities involved in the oil and gas industry. This comprehensive description has explored the purpose, key components, and different types of this assignment, providing valuable insights into its intricacies and implications.
