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.
Orange Florida Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form In Orange, Florida, an Assignment of Overriding Royalty Interest when the Assignor Reserves the Right to Pool the Assigned Interest is an important legal document that outlines the transfer of a specific royalty interest from one party to another. This short form assignment encompasses the aspect of the assignor reserving the right to pool the assigned interest, which refers to their ability to combine or consolidate their interest with other interests within the pool. This type of assignment is commonly used in the oil and gas industry, where royalties are paid to individuals or entities who own an interest in the production of oil or gas from a specific property. By assigning their overriding royalty interest, the assignor is transferring their right to receive a portion of the revenues generated from the production. However, what sets this assignment apart is the assignor's reservation to pool the assigned interest. This means that while they are transferring their royalty interest, they still retain the right to combine their interest with others in the same pool. Pooling is a strategic decision often made by oil and gas companies to increase operational efficiency, optimize production, and facilitate the sharing of costs and risks. The Orange Florida Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form ensures that all parties involved are aware of and agree to the assignor's rights and obligations. Key terms and details included in this assignment may vary depending on specific circumstances, such as the percentage of the royalty interest being assigned, the duration of the assignment, and any limitations or conditions imposed by the assignor. It is important to note that this assignment can encompass various types based on the assignor's specific needs and preferences. For instance, an assignment may reserve a partial or full right to pool the assigned interest. The scope and extent of this reservation will be outlined in the assignment document, leaving no ambiguity for all parties involved. In summary, the Orange Florida Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal document tailored for the transfer of royalty interests in the oil and gas industry. This assignment ensures clear communication and understanding between the assignor and assignee, while also reflecting the assignor's ability to merge their interest with others within the pool.
