West Virginia Assignment and Bill of Sale for all Assignor's Interest in Multiple Producing Leases

State:
Multi-State
Control #:
US-OG-258
Format:
Word; 
Rich Text
Instant download

Description

This form is used when an Assignor assigns, sells and conveys to an Assignee, all of the Assignor's rights, title, and interests in the Oil and Gas Leases and lands described in the Assignment , together with all of Assignor's rights, title, and interests in all wells located on the Lands, whether or not such interests, Leases, and Lands are accurately described.

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FAQ

Net Revenue Interest is the portion of an oil and gas leaseholder's interest in production that they are entitled to receive as part of their lease. The amount is calculated after deducting all royalty payments, production costs, and other fees.

The definition of assignment in real estate is the sale, transfer, or conveyance of a whole property ownership/rights or part of it to another party. The term in the oil and gas industry is used for sale, transfer, or conveyance of working interest, lease, royalty, overriding royalty interest, or net profit interest.

A percentage of ownership in an oil and gas lease granting its owner the right to explore, drill and produce oil and gas from a tract of property. Working interest owners are obligated to pay a corresponding percentage of the cost of leasing, drilling, producing and operating a well or unit.

An Assignment of Partnership Interest occurs when a partner sells their stake in a partnership to a third party. The assignment document records the details of the transfer to the new partner.

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.

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.

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West Virginia Assignment and Bill of Sale for all Assignor's Interest in Multiple Producing Leases