Hawaii 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. Hawaii Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that transfers the rights to receive a portion of the profits from the production of oil, gas, or other minerals from one party to another in the state of Hawaii. This assignment specifically pertains to situations where the assigned royalty interest is non-producing and applies to a single lease, while also allowing for the right to pool the reserved rights. In the oil and gas industry, an overriding royalty interest (ORRIS) is a share of the production revenue that is burdened with the costs of exploration and production. It is typically granted to the assignee by the owner of the working interest in the mineral lease. The "non-producing" aspect of this assignment means that the royalty interest being transferred does not have any existing production at the time of the assignment. The Hawaii Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) document outlines the terms and conditions of the transfer. It includes details such as the legal description of the leased property, the percentage or fraction of the overriding royalty interest being assigned, and any specific limitations or rights reserved by the assignor. Additionally, the assignment explicitly reserves the right to pool the assigned overriding royalty interest, which means that the assignee holds the right to combine their interest with other mineral interests in the same lease or unit. Pooling allows for more efficient and cost-effective exploration and production operations. It is worth mentioning that there may be different types or variations of Hawaii Assignment of Overriding Royalty Interest depending on specific circumstances or agreements. Some possible variations could include different royalty interest percentages, conditions for release or termination of the assignment, or additional restrictions or reservations imposed by the assignor. In conclusion, the Hawaii Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is an important legal document used in the transfer of non-producing mineral royalty interests within a single lease in the state of Hawaii while also reserving the right to combine the assigned interests with other mineral interests through pooling arrangements.

Hawaii Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that transfers the rights to receive a portion of the profits from the production of oil, gas, or other minerals from one party to another in the state of Hawaii. This assignment specifically pertains to situations where the assigned royalty interest is non-producing and applies to a single lease, while also allowing for the right to pool the reserved rights. In the oil and gas industry, an overriding royalty interest (ORRIS) is a share of the production revenue that is burdened with the costs of exploration and production. It is typically granted to the assignee by the owner of the working interest in the mineral lease. The "non-producing" aspect of this assignment means that the royalty interest being transferred does not have any existing production at the time of the assignment. The Hawaii Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) document outlines the terms and conditions of the transfer. It includes details such as the legal description of the leased property, the percentage or fraction of the overriding royalty interest being assigned, and any specific limitations or rights reserved by the assignor. Additionally, the assignment explicitly reserves the right to pool the assigned overriding royalty interest, which means that the assignee holds the right to combine their interest with other mineral interests in the same lease or unit. Pooling allows for more efficient and cost-effective exploration and production operations. It is worth mentioning that there may be different types or variations of Hawaii Assignment of Overriding Royalty Interest depending on specific circumstances or agreements. Some possible variations could include different royalty interest percentages, conditions for release or termination of the assignment, or additional restrictions or reservations imposed by the assignor. In conclusion, the Hawaii Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is an important legal document used in the transfer of non-producing mineral royalty interests within a single lease in the state of Hawaii while also reserving the right to combine the assigned interests with other mineral interests through pooling arrangements.