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 Oklahoma Assignment of a Diversionary Working Interest is a legal agreement that pertains to the transfer of ownership and rights related to a diversionary working interest in an oil and gas property located in the state of Oklahoma. A diversionary working interest refers to the ownership interest in an oil and gas property that reverts to the original owner or their heirs after a specific event or period of time, typically after the expiration of a lease agreement or when certain conditions are met. This assignment is an important document as it outlines the transfer of this diversionary working interest to another party, who will then assume all associated rights, responsibilities, and benefits. This transfer can occur through various means, such as a sale, gift, or even a lease assignment. The Oklahoma Assignment of a Diversionary Working Interest typically contains detailed information about the parties involved, including their names and addresses. Additionally, it includes a description of the specific property to which the assignment relates, including details such as the legal description, well numbers, and any applicable lease or contract numbers. The document will also outline the terms and conditions of the assignment, including the effective date of the transfer, the consideration (if any) exchanged between the parties, and any specific rights or limitations associated with the diversionary working interest. It is important to note that there can be different types or variations of the Oklahoma Assignment of a Diversionary Working Interest. These may include assignments that pertain to different stages of the property's development, such as assignments related to the exploration, drilling, or production phases. Each type may have specific provisions and considerations unique to that phase of operations. In conclusion, the Oklahoma Assignment of a Diversionary Working Interest is a legally binding document that facilitates the transfer of ownership and rights related to a diversionary working interest in an oil and gas property. It ensures the smooth transition of these interests between parties and provides clarity and protection for all involved.
