Oregon Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-691
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in multiple non-producing Leases.

Oregon Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool is a legal agreement that involves the transfer of overriding royalty interest from the assignor to the assignee in relation to multiple leases in Oregon. This agreement applies specifically to leases that are non-producing, meaning they are not actively generating oil, gas, or mineral resources. The overriding royalty interest refers to a percentage of the production proceeds from the leased properties. By assigning this interest, the assignor grants the assignee the right to receive a portion of the revenue generated from future production. In addition to the non-producing aspect, this assignment also includes a reservation of the right to pool. Pooling allows operators to combine adjacent leases into a single drilling unit or production unit to maximize efficiency and resource extraction. It is a common practice that enables operators to effectively exploit hydrocarbon reservoirs that span multiple leased tracts. There are different types of Oregon Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool, which include: 1. Assignment of Overriding Royalty Interest Agreement: This agreement specifically focuses on the assignment of overriding royalty interest only, without other additional terms or provisions. 2. Assignment of Overriding Royalty Interest with Pooling Clause: This type of assignment explicitly includes provisions related to the reservation of the right to pool. It clarifies the assignee's rights and responsibilities regarding pooling operations on the leased properties. 3. Assignment of Overriding Royalty Interest with Multiple Leases: This variant is applicable when the assignor holds overriding royalty interest in multiple leases in Oregon. It consolidates the assignment process for all the leases into a single agreement, streamlining the administrative procedures. 4. Assignment of Non-Producing Overriding Royalty Interest: This assignment focuses specifically on non-producing leases, emphasizing the fact that the assigned overriding royalty interest pertains to leases that are not currently generating any production. 5. Assignment of Overriding Royalty Interest with Multiple Non-Producing Leases and Pooling Clause: This comprehensive agreement combines the aspects of multiple non-producing leases along with the right to pool. It covers the assignment of overriding royalty interest for all non-producing leases while also addressing the assignee's involvement in potential pooling operations. Overall, an Oregon Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool is a legal document that facilitates the transfer of overriding royalty interest, highlights the non-producing nature of the leases involved, and covers the assignee's rights in relation to potential pooling operations.