Arizona Assignment of Overriding Royalty Interest Limited As to Depth

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-290
• Format: Word; Rich Text

Description

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, which is limited to depth. The Arizona Assignment of Overriding Royalty Interest Limited as to Depth is a legal agreement that grants the assignment of a limited portion of a royalty interest in Arizona mineral rights, specifically defined by its depth limitations. This type of assignment is commonly used in the oil and gas industry, where multiple parties may hold various interests in a particular mineral lease or property. An overriding royalty interest (ORRIS) represents the right to receive a portion of the revenue generated from the production of minerals, such as oil, gas, or minerals, from a specific lease or property. The assignment of ORRIS limited as to depth allows the assignee to only receive royalty payments for the minerals extracted from a particular depth range. The Arizona Assignment of Overriding Royalty Interest Limited as to Depth serves as a legal contract that outlines the specific terms and conditions of the assignment. It typically includes details such as the effective date, the parties involved (assignor and assignee), a clear description of the property or lease, and the depth limitations of the ORRIS. By defining the depth limitations, the Arizona Assignment of Overriding Royalty Interest Limited as to Depth ensures that the assignee's interest only applies to the minerals extracted from a specified depth range. This allows for a more precise division of royalty interests and eliminates potential disputes or confusion. Different types of Arizona Assignment of Overriding Royalty Interest Limited as to Depth may include specific depth restrictions, such as limitations to a particular geological formation or target reservoir. For instance, an assignment might limit the ORRIS to minerals extracted from a depth range of 5,000 to 6,000 feet within a specific oilfield or lease. This type of assignment provides flexibility for the parties involved, allowing them to allocate royalty interests more efficiently based on specific geological factors, production characteristics, and market conditions. It safeguards the assignor's retained royalty interests in other depth ranges or allows them to assign separate ORRIS interests to different parties. In conclusion, the Arizona Assignment of Overriding Royalty Interest Limited as to Depth is a valuable legal instrument that enables the precise allocation of royalty interests within the oil and gas industry. By specifying depth limitations, this assignment ensures a clear demarcation of interests and streamlines royalty distribution based on the depth range of the extracted minerals.

The Arizona Assignment of Overriding Royalty Interest Limited as to Depth is a legal agreement that grants the assignment of a limited portion of a royalty interest in Arizona mineral rights, specifically defined by its depth limitations. This type of assignment is commonly used in the oil and gas industry, where multiple parties may hold various interests in a particular mineral lease or property. An overriding royalty interest (ORRIS) represents the right to receive a portion of the revenue generated from the production of minerals, such as oil, gas, or minerals, from a specific lease or property. The assignment of ORRIS limited as to depth allows the assignee to only receive royalty payments for the minerals extracted from a particular depth range. The Arizona Assignment of Overriding Royalty Interest Limited as to Depth serves as a legal contract that outlines the specific terms and conditions of the assignment. It typically includes details such as the effective date, the parties involved (assignor and assignee), a clear description of the property or lease, and the depth limitations of the ORRIS. By defining the depth limitations, the Arizona Assignment of Overriding Royalty Interest Limited as to Depth ensures that the assignee's interest only applies to the minerals extracted from a specified depth range. This allows for a more precise division of royalty interests and eliminates potential disputes or confusion. Different types of Arizona Assignment of Overriding Royalty Interest Limited as to Depth may include specific depth restrictions, such as limitations to a particular geological formation or target reservoir. For instance, an assignment might limit the ORRIS to minerals extracted from a depth range of 5,000 to 6,000 feet within a specific oilfield or lease. This type of assignment provides flexibility for the parties involved, allowing them to allocate royalty interests more efficiently based on specific geological factors, production characteristics, and market conditions. It safeguards the assignor's retained royalty interests in other depth ranges or allows them to assign separate ORRIS interests to different parties. In conclusion, the Arizona Assignment of Overriding Royalty Interest Limited as to Depth is a valuable legal instrument that enables the precise allocation of royalty interests within the oil and gas industry. By specifying depth limitations, this assignment ensures a clear demarcation of interests and streamlines royalty distribution based on the depth range of the extracted minerals.