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.
Georgia Assignment of A Diversionary Working Interest refers to a legal document that transfers the diversionary working interest in an oil or gas lease from one party to another in the state of Georgia. This type of assignment is commonly used in the oil and gas industry when the original working interest owner wants to sell or transfer their right to receive future income from the production of oil or gas. In this arrangement, the assignor, who is the current working interest owner, relinquishes their right to the working interest to the assignee, the new party who will become the working interest owner. It is important to note that diversionary working interest refers to the ownership interest in an oil or gas lease that will revert to the original owner after a certain period or occurrence of specific conditions. There are several types of Georgia Assignment of A Diversionary Working Interest that can be categorized based on their specific conditions or terms. Some common types include: 1. Fixed-Term Assignment: This type of assignment involves the transfer of the diversionary working interest for a predetermined period. The assignor agrees to transfer the ownership rights to the assignee for a specific duration, after which the ownership will revert to the original owner. 2. Condition-Based Assignment: In this type, the diversionary working interest is assigned based on the occurrence or non-occurrence of certain conditions. The assignment may specify that the interest will revert to the original owner if certain events, such as a lack of production or breach of contract, take place. 3. Percentage-Based Assignment: This assignment involves the transfer of a specific percentage of the diversionary working interest. The assignor may choose to assign a partial interest to the assignee, allowing them to share in the future income generated from the oil or gas lease. The Georgia Assignment of A Diversionary Working Interest is a legally binding document that requires proper drafting, including the identification of the parties involved, a detailed description of the oil or gas lease, the terms of the assignment, and any conditions or restrictions that may apply. It is crucial for both parties to seek legal advice before entering into such an agreement to ensure their rights and obligations are properly defined and protected.
