This form is used when the Assignor wishes to convey, assign and sell to the Assignee an undivided working interest in an oil and gas lease but reserves an overriding royalty interest payable on all oil, gas, and associated hydrocarbons produced, saved and sold from the Lands.
Keywords: Hawaii, partial assignment, oil and gas lease, lands, nonproducing lease. Hawaii Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease: In Hawaii, a partial assignment of an oil and gas lease can be made for a specific portion of lands that are subject to a nonproducing lease. This type of arrangement allows the lessee to transfer a portion of their lease rights and obligations to another party, while retaining control over the remaining lands covered by the lease. A partial assignment of an oil and gas lease in Hawaii is a legal agreement that grants the assignee specific rights and responsibilities related to the exploration, development, and production of oil and gas resources on a designated portion of the leased lands. This arrangement allows for the efficient utilization of resources, as well as the allocation of risk and investment among multiple parties. There are different types of partial assignments of oil and gas leases in Hawaii, depending on the specific circumstances and objectives of the parties involved. Some common types include: 1. Partial Assignment for Development: In this type of assignment, the assignee assumes responsibility for the development of a specific portion of the leased lands. This may include drilling new wells, installing production facilities, and managing the operations related to the extraction of oil and gas resources. 2. Partial Assignment for Exploration: This type of assignment focuses on the exploration phase of oil and gas activities. The assignee is granted the right to conduct geological surveys, seismic testing, and other exploration activities on a designated portion of the leased lands. They may also have the option to acquire additional rights for further development if promising discoveries are made. 3. Partial Assignment for Operator ship: In certain cases, the assignee may be granted the authority to act as the operator of the assigned portion of the leased lands. This means they have the responsibility to oversee day-to-day operations, production management, and compliance with laws and regulations governing such activities. 4. Partial Assignment for Financial Contribution: In this type of assignment, the assignee provides financial resources to the lessee in exchange for a portion of the oil and gas lease rights. This arrangement allows the lessee to secure funding for further development, while the assignee obtains a share of the potential profits. Overall, a Hawaii partial assignment of an oil and gas lease for part of lands subject to a nonproducing lease offers flexibility, risk sharing, and resource optimization between multiple parties. It provides an opportunity for both lessees and assignees to collaborate, invest, and benefit from the exploration and production of valuable oil and gas resources on the leased lands, contributing to the sustainable energy future of Hawaii.
