Guam Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-287
• 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. A Guam Assignment of Overriding Royalty Interest in the Working Interest Owner, Single Lease, Stated Percentage is a legal document that transfers a portion of the overriding royalty interest from the working interest owner to another party. This assignment allows the assignee to receive a specified percentage of the revenues generated from the working interest owner's lease. In Guam, there may be different types of Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage depending on the specific terms and conditions agreed upon by the parties involved. Some common variations include: 1. Fixed Percentage Assignment: This type of assignment specifies a fixed percentage of the overriding royalty interest that is being transferred. For example, if the working interest owner has a 10% overriding royalty interest, they can assign 5% of it to another party, resulting in the assignee receiving a 5% share of the revenues. 2. Variable Percentage Assignment: In this case, the assignment allows for a varying percentage of the overriding royalty interest to be transferred. The actual percentage may change according to the specific language of the assignment or certain conditions outlined in the agreement. 3. Limited Duration Assignment: While most overriding royalty interests are perpetual, there may be situations where a limited duration assignment is agreed upon. This means that the assignee will only receive the assigned percentage of revenues for a specified period, after which the overriding royalty interest reverts to the working interest owner. 4. Extraordinary Event Assignment: This type of assignment is triggered by a specific event or circumstance, such as the development of a new well or the discovery of a significant reservoir. The assignment allows the assignee to receive an increased percentage of the overriding royalty interest for a defined period, during which the extraordinary event is taking place. 5. Diversionary Assignment: In certain cases, an overriding royalty interest may be assigned with the understanding that it will eventually revert to the working interest owner. This could occur after a certain amount of time or upon the occurrence of specific conditions outlined in the assignment. It's important to note that the specific terms and conditions of each assignment may vary depending on the preferences and negotiations of the parties involved. Lawyers and legal professionals with expertise in oil and gas leases and contracts in Guam should be consulted to properly draft and execute an Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage in accordance with local laws and regulations.

A Guam Assignment of Overriding Royalty Interest in the Working Interest Owner, Single Lease, Stated Percentage is a legal document that transfers a portion of the overriding royalty interest from the working interest owner to another party. This assignment allows the assignee to receive a specified percentage of the revenues generated from the working interest owner's lease. In Guam, there may be different types of Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage depending on the specific terms and conditions agreed upon by the parties involved. Some common variations include: 1. Fixed Percentage Assignment: This type of assignment specifies a fixed percentage of the overriding royalty interest that is being transferred. For example, if the working interest owner has a 10% overriding royalty interest, they can assign 5% of it to another party, resulting in the assignee receiving a 5% share of the revenues. 2. Variable Percentage Assignment: In this case, the assignment allows for a varying percentage of the overriding royalty interest to be transferred. The actual percentage may change according to the specific language of the assignment or certain conditions outlined in the agreement. 3. Limited Duration Assignment: While most overriding royalty interests are perpetual, there may be situations where a limited duration assignment is agreed upon. This means that the assignee will only receive the assigned percentage of revenues for a specified period, after which the overriding royalty interest reverts to the working interest owner. 4. Extraordinary Event Assignment: This type of assignment is triggered by a specific event or circumstance, such as the development of a new well or the discovery of a significant reservoir. The assignment allows the assignee to receive an increased percentage of the overriding royalty interest for a defined period, during which the extraordinary event is taking place. 5. Diversionary Assignment: In certain cases, an overriding royalty interest may be assigned with the understanding that it will eventually revert to the working interest owner. This could occur after a certain amount of time or upon the occurrence of specific conditions outlined in the assignment. It's important to note that the specific terms and conditions of each assignment may vary depending on the preferences and negotiations of the parties involved. Lawyers and legal professionals with expertise in oil and gas leases and contracts in Guam should be consulted to properly draft and execute an Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage in accordance with local laws and regulations.