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.
The District of Columbia Assignment of a Diversionary Working Interest refers to a legal document that transfers or assigns the rights and obligations of a diversionary working interest in oil or gas leases located within the District of Columbia. This assignment typically involves the transfer of ownership, control, and revenue interests from the assignor to the assignee. In the District of Columbia, there are several types of assignments of a diversionary working interest, including: 1. Leasehold Assignment: This type of assignment involves the transfer of the diversionary working interest in an oil or gas lease from the current leaseholder to a new party, who assumes all the rights, duties, and liabilities associated with the lease. 2. Assignment of Overriding Royalty Interest: In this type, the assignor transfers a fractional or fixed percentage interest in the revenue generated from the working interest, without becoming responsible for the operational aspects of the lease. The assignee receives a share of the revenue generated from the working interest. 3. Partial Assignment: In a partial assignment, a portion of the diversionary working interest is transferred to a new party, while the original assignor retains a percentage of the interest. This enables the assignor to share the responsibilities and potential risks, while also benefiting from the revenue generated by the working interest. 4. Assignment of Net Profits Interest: This type of assignment involves the transfer of a percentage or fraction of the net profits derived from the working interest, after deducting operating expenses and other costs associated with the lease. The assignee receives a portion of the net profits, without being responsible for the operational aspects of the lease. It is important to note that the specific terms and conditions of a District of Columbia Assignment of a Diversionary Working Interest may vary depending on the parties involved, the particular oil or gas lease, and the purpose of the assignment. Therefore, it is crucial to consult with legal professionals familiar with the laws and regulations of the District of Columbia to ensure compliance and fully understand the implications of such assignments.
The District of Columbia Assignment of a Diversionary Working Interest refers to a legal document that transfers or assigns the rights and obligations of a diversionary working interest in oil or gas leases located within the District of Columbia. This assignment typically involves the transfer of ownership, control, and revenue interests from the assignor to the assignee. In the District of Columbia, there are several types of assignments of a diversionary working interest, including: 1. Leasehold Assignment: This type of assignment involves the transfer of the diversionary working interest in an oil or gas lease from the current leaseholder to a new party, who assumes all the rights, duties, and liabilities associated with the lease. 2. Assignment of Overriding Royalty Interest: In this type, the assignor transfers a fractional or fixed percentage interest in the revenue generated from the working interest, without becoming responsible for the operational aspects of the lease. The assignee receives a share of the revenue generated from the working interest. 3. Partial Assignment: In a partial assignment, a portion of the diversionary working interest is transferred to a new party, while the original assignor retains a percentage of the interest. This enables the assignor to share the responsibilities and potential risks, while also benefiting from the revenue generated by the working interest. 4. Assignment of Net Profits Interest: This type of assignment involves the transfer of a percentage or fraction of the net profits derived from the working interest, after deducting operating expenses and other costs associated with the lease. The assignee receives a portion of the net profits, without being responsible for the operational aspects of the lease. It is important to note that the specific terms and conditions of a District of Columbia Assignment of a Diversionary Working Interest may vary depending on the parties involved, the particular oil or gas lease, and the purpose of the assignment. Therefore, it is crucial to consult with legal professionals familiar with the laws and regulations of the District of Columbia to ensure compliance and fully understand the implications of such assignments.
