This form is used when an Assignor was granted the right to receive, at payout, a certain reversionary working interest in the Lease. Payout has not occurred, and Assignor is vested with beneficial ownership of the Interest in the Leases and Lands. The purpose of this Assignment and the intention of Assignor is to assign to Assignee, the Interest.
Keywords: Arizona, Assignment of A Diversionary Working Interest, types Detailed description: An Arizona Assignment of A Diversionary Working Interest is a legal document that transfers the ownership and control of a particular working interest in an oil or gas lease to another party, known as the assignee. Under this agreement, the assignor, who is the current owner of the working interest, relinquishes their rights, interests, and obligations associated with said interest. The Assignment of A Diversionary Working Interest in Arizona is commonly used in the oil and gas industry when a working interest owner wants to sell or transfer their portion of the ownership. The working interest entitles the assignee to a share of the revenues generated from the production of oil or gas from the leased property, as well as to participate in the decision-making process regarding drilling, operation, and further development. There are several types of Arizona Assignment of A Diversionary Working Interest, each designed to accommodate different scenarios and requirements: 1. Absolute Assignment: An absolute assignment completely transfers all rights, title, and interest in the working interest to the assignee, leaving the assignor with no residual interests or benefits. 2. Partial Assignment: A partial assignment involves transferring only a portion of the working interest to the assignee, while the assignor retains the remaining share. 3. Temporary Assignment: A temporary assignment grants the assignee the rights and benefits of the working interest for a specified period. This type of assignment may be used in situations where the assignor wishes to temporarily transfer their interest due to personal or business reasons, without permanently giving up ownership. 4. Lifetime Assignment: A lifetime assignment is a type of assignment where the assignor transfers their working interest for the duration of their lifetime, after which it reverts to the original assignor or their designated beneficiary. It is important to note that an Arizona Assignment of A Diversionary Working Interest must comply with the applicable state laws and regulations, as well as the terms outlined in the original lease agreement. It is advisable for both parties involved to seek legal counsel to ensure a valid and enforceable assignment is executed.
