Seattle Washington Assignment and Quit Claim of Oil and Gas Leases
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State:
Multi-State
City:
Seattle
Control #:
US-OG-A-763-01
Format:
Word;
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Description
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. The leaseholder typically compensates the owner with periodic payments (called royalties) based on the amount of oil or gas produced. Leases can be assigned to another party, such as a drilling contractor, if the original leaseholder decides not to pursue development. Assignment of an oil and gas lease should be done in writing and filed with the appropriate government authority.
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