Florida Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-940
• Format: Word; Rich Text

Description

This form is an assignment of overriding royalty interest for a non-producing, single lease with reserves the right to pool. A Florida Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that transfers or assigns the right to receive a portion of the proceeds from an oil, gas, or mineral lease in Florida, specifically for non-producing properties. This type of assignment typically applies to a single lease and includes a provision that reserves the right to pool. In the realm of royalty interests, there are various types and classifications. One such classification is the overriding royalty interest (ORRIS). An ORRIS is an interest in the gross production of a lease that is separate from the lessee's working interest. It grants the holder the right to receive a percentage of the production revenue, usually free of exploration and production costs. A Florida Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) specifically pertains to properties in Florida that are not currently producing any oil, gas, or minerals. This means that despite the existence of the lease, there is no active extraction or production happening on the property at the moment. This assignment applies to a single lease, indicating that it governs only one specific lease agreement rather than multiple leases or properties. By focusing on a single lease, the assignment can provide greater clarity and specificity in terms of the rights and obligations of the parties involved. Additionally, this assignment reserves the right to pool. Pooling refers to the practice of combining multiple tracts of land or leases within a specific geographic area to jointly develop and produce oil, gas, or minerals. By reserving the right to pool, the assignor can retain the option to participate in any future pooling arrangements that may arise, potentially maximizing the benefits derived from the property. It is important to note that while this description highlights the key elements of a Florida Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool), it does not encompass all possible variations or scenarios. Specific terms, conditions, and provisions within such agreements may vary depending on the parties involved and the particular circumstances of the lease.

A Florida Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that transfers or assigns the right to receive a portion of the proceeds from an oil, gas, or mineral lease in Florida, specifically for non-producing properties. This type of assignment typically applies to a single lease and includes a provision that reserves the right to pool. In the realm of royalty interests, there are various types and classifications. One such classification is the overriding royalty interest (ORRIS). An ORRIS is an interest in the gross production of a lease that is separate from the lessee's working interest. It grants the holder the right to receive a percentage of the production revenue, usually free of exploration and production costs. A Florida Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) specifically pertains to properties in Florida that are not currently producing any oil, gas, or minerals. This means that despite the existence of the lease, there is no active extraction or production happening on the property at the moment. This assignment applies to a single lease, indicating that it governs only one specific lease agreement rather than multiple leases or properties. By focusing on a single lease, the assignment can provide greater clarity and specificity in terms of the rights and obligations of the parties involved. Additionally, this assignment reserves the right to pool. Pooling refers to the practice of combining multiple tracts of land or leases within a specific geographic area to jointly develop and produce oil, gas, or minerals. By reserving the right to pool, the assignor can retain the option to participate in any future pooling arrangements that may arise, potentially maximizing the benefits derived from the property. It is important to note that while this description highlights the key elements of a Florida Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool), it does not encompass all possible variations or scenarios. Specific terms, conditions, and provisions within such agreements may vary depending on the parties involved and the particular circumstances of the lease.