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This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease and Land.
Absolutely! Having a legal expert is like having a compass in uncharted territory; it helps you navigate your options and avoid pitfalls.
Yes, just like life, circumstances can swing your way or against you. Parties involved can renegotiate the terms if they both agree.
'Stated percentage' defines how much of the profits you'll get from the ORI. It’s like determining how big a slice of cake you get to enjoy at a birthday party.
'Single lease' means there's just one contract for the oil or gas rights. It’s like having a single key for your car; it opens one door.
A working interest means you’re in the driver’s seat, operating the lease. An overriding royalty interest, on the other hand, is more like being a backseat driver; you benefit from the ride but don’t control it.
The working interest owner can assign their ORI by making a deal or contract that spells out who gets what share of the profits. Think of it like handing off a baton in a relay race.
An overriding royalty interest is basically a slice of the pie. It lets you receive a portion of the profits from oil and gas production without having to actually operate the lease.