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This form is used by the Assignor to transfer, assign, and convey to Assignee interests in leases and all oil, gas and other minerals produced, saved and sold from the Lease and Land.
Once a partial assignment is signed, it's usually a done deal. It's crucial to think carefully and seek advice before finalizing anything.
Always check the terms regarding royalties, responsibilities of the parties involved, and any obligations regarding land management to avoid future headaches.
Yes, there are risks, such as losing out on potential profits if the resource is more productive than expected, or the new party not managing the lease properly.
This process allows you to keep a stake in your mineral rights while still allowing others to extract resources, ensuring you can benefit from future profits.
A partial assignment can be beneficial for several reasons, like sharing the risk of exploration costs or gaining revenue from resources without giving up total control.
Reserving an Overriding Royalty Interest means that the original leaseholder keeps a certain percentage of the profits from the resources extracted, even after they transfer some rights.
A Partial Assignment of Oil, Gas, and Mineral Leases is when a property owner transfers only a portion of their rights to extract oil, gas, or minerals to another party.