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.
Pennsylvania Assignment of a Diversionary Working Interest is a legal document that allows the transfer of ownership and rights to a working interest in an oil, gas, or mineral lease. A diversionary working interest refers to the rights and interests that revert to the lessor (original owner) after the expiration or termination of a lease agreement. Keywords: Pennsylvania Assignment of A Diversionary Working Interest, working interest, oil lease, gas lease, mineral lease, transfer of ownership, diversionary interest. Types of Pennsylvania Assignment of A Diversionary Working Interest: 1. Conventional Assignment: This type of assignment involves the transfer of a diversionary working interest in a traditional lease agreement. It pertains to the transfer of rights to the working interest after termination or expiration of the lease term. 2. Partial Assignment: This form of assignment allows the transfer of only a portion of the diversionary working interest. It may involve transferring a specific percentage or fractional interest in the working interest to another party. 3. Absolute Assignment: An absolute assignment involves the complete transfer of the diversionary working interest to another entity. This means that the assignee assumes full ownership and rights to the working interest until the lease term ends. 4. Temporary Assignment: A temporary assignment allows the assignee to hold the diversionary working interest for a predetermined period, after which the ownership reverts to the original owner. This type of assignment is commonly used for short-term agreements or joint ventures. 5. Overriding Assignment: An overriding assignment grants an individual or entity the right to a percentage of the working interest's revenue, typically in addition to their existing interest. This type of assignment is often used to compensate professionals or investors for their services or investments. 6. Assignments with Conditions: These assignments may involve certain conditions or restrictions imposed on the assignee. For example, the assignee may be required to meet certain performance criteria or financial obligations to maintain ownership of the diversionary working interest. In conclusion, a Pennsylvania Assignment of A Diversionary Working Interest is a legal document that facilitates the transfer of ownership and rights to a working interest in an oil, gas, or mineral lease in Pennsylvania. Different types of assignments include conventional, partial, absolute, temporary, overriding, and assignments with conditions.
