This form is used when an Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ), reserving the right to pool the assigned interest.
West Virginia Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal document used in the state of West Virginia to transfer the ownership rights of an overriding royalty interest while the assignor reserves the right to pool the assigned interest. Keywords: West Virginia, Assignment of Overriding Royalty Interest, Assignor, Reserves, Right, Pool, Assigned Interest, Short Form. Description: The West Virginia Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal instrument that enables the transfer of overriding royalty interests in the state of West Virginia. This document allows the assignor to assign their overriding royalty interest to another party while reserving the right to pool the assigned interest. An overriding royalty interest is a type of ownership interest in oil, gas, or mineral rights that entitles the holder to a share of the production revenue without being responsible for the costs of exploration and production. In this specific case, the assignor retains the right to combine or pool the assigned interest with other interests they own or may acquire in the future. By utilizing the West Virginia Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form, both the assignor and assignee agree to the terms outlined in the document. The assignor transfers their overriding royalty interest to the assignee, who assumes all the rights and responsibilities associated with it, except for the right to pool. The assignor, on the other hand, reserves the exclusive right to merge the assigned interest with other interests they hold or may acquire. This allows the assignor to aggregate their royalty interests in more efficient production and management purposes. The assignor's reservation of the right to pool ensures they maintain control over their pooled assets, creating flexibility for future development decisions. It is important to note that while this description covers the general provisions and purpose of the West Virginia Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form, there may be variations in the types of assignments available, such as long-form or specific-use assignments. However, the short-form assignment is commonly used due to its simplified format and ease of completion. In summary, the West Virginia Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal document that facilitates the transfer of overriding royalty interests in West Virginia while allowing the assignor to retain the right to pool those assigned interests. This document serves to protect the rights and interests of both parties involved in the assignment process.
