Oklahoma Assignment and Bill of Sale of Well Bores
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How to fill out Assignment And Bill Of Sale Of Well Bores?
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FAQ
Oil and Gas Interest means any oil or gas royalty or lease, or fractional interest therein, or certificate of interest or participation or investment contract relative to such royalties, leases or fractional interests, or any other interest or right which permits the exploration of, drilling for, or production of oil ...
Wellbore Interest means, for each Subject Well, a specified percentage of AEE's right, title and interest in and to: (i) the applicable Subject Well and associated wellbore and all Hydrocarbons and other substances produced therewith, (ii) all equipment, contracts and other personal property and fixtures associated ...
Wellbore. An assignment can be limited to the wellbore of a well. A wellbore limitation means that the assignor is assigning only those rights to production from the wellbore of a certain well, arguably at the total depth it existed at the time of the assignment.
Oil and gas interests are interests in real property and thereby have the same attributes as other real property such as a home or a ranch. Although the ownership of oil and gas interests can take many forms, courts commonly analogize the ownership of oil and gas interests to a bundle of sticks.
An overriding royalty interest (ORRI) is an undivided interest in a mineral lease giving the holder the right to a proportional share (receive revenue) of the sale of oil and gas produced. The ORRI is carved out of the working interest or lease.
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.
