Illinois Assignment of Overriding Royalty Interest Limited As to Depth

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-290
• 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, which is limited to depth. Illinois Assignment of Overriding Royalty Interest Limited As to Depth refers to a legal document that enables the transfer of a specified portion or percentage of an overriding royalty interest (ORRIS) in an oil or gas lease. This type of assignment, as the name suggests, is restricted only to a specific depth or formation within the leased property. In Illinois, there are various types of Assignment of Overriding Royalty Interest Limited As to Depth, including: 1. Conventional Oil and Gas Assignment: This type of assignment is commonly used when the ORRIS is limited solely to the conventional oil and gas reservoirs found in the leased property. It allows for the transfer of rights and interests tied to specific depths associated with traditional hydrocarbon extraction. 2. Unconventional Oil and Gas Assignment: In recent years, with the rise in unconventional oil and gas exploration, such as shale gas or tight oil plays, specific assignments have been developed to cater to these specialized resources. This assignment restricts the ORRIS to unconventional formations or zones, such as shale beds or tight reservoirs, within the leased property. 3. Horizontal Drilling Assignment: With the advent of horizontal drilling techniques, which allow drilling in multiple formations horizontally from a single well bore, specific assignments have emerged. This type of assignment limits the ORRIS to the depths where horizontal drilling occurs, allowing for the allocation of royalties based on the length or section of the well bore that penetrates a particular formation. 4. Stratigraphic Assignment: A stratigraphic assignment focuses on a specific stratigraphic layer or formation within the leased property. It allows for the assignment of an ORRIS limited to the depths corresponding to a particular geological marker or formation, irrespective of the type of hydrocarbon reservoir present. The Illinois Assignment of Overriding Royalty Interest Limited As to Depth document includes crucial details such as the assignor (current owner of the ORRIS), the assignee (the party acquiring the ORRIS), the description of the specific depth or formation assigned, the consideration or payment involved, and any additional terms or conditions set forth in the agreement. Assignments of Overriding Royalty Interest Limited As to Depth are essential for facilitating the transfer of interests in oil and gas leases while ensuring clarity and specificity regarding the depth limitations. These agreements provide confidence and security to both parties involved in the transaction, enabling efficient management of royalties within specific depth intervals or formations in Illinois.

Illinois Assignment of Overriding Royalty Interest Limited As to Depth refers to a legal document that enables the transfer of a specified portion or percentage of an overriding royalty interest (ORRIS) in an oil or gas lease. This type of assignment, as the name suggests, is restricted only to a specific depth or formation within the leased property. In Illinois, there are various types of Assignment of Overriding Royalty Interest Limited As to Depth, including: 1. Conventional Oil and Gas Assignment: This type of assignment is commonly used when the ORRIS is limited solely to the conventional oil and gas reservoirs found in the leased property. It allows for the transfer of rights and interests tied to specific depths associated with traditional hydrocarbon extraction. 2. Unconventional Oil and Gas Assignment: In recent years, with the rise in unconventional oil and gas exploration, such as shale gas or tight oil plays, specific assignments have been developed to cater to these specialized resources. This assignment restricts the ORRIS to unconventional formations or zones, such as shale beds or tight reservoirs, within the leased property. 3. Horizontal Drilling Assignment: With the advent of horizontal drilling techniques, which allow drilling in multiple formations horizontally from a single well bore, specific assignments have emerged. This type of assignment limits the ORRIS to the depths where horizontal drilling occurs, allowing for the allocation of royalties based on the length or section of the well bore that penetrates a particular formation. 4. Stratigraphic Assignment: A stratigraphic assignment focuses on a specific stratigraphic layer or formation within the leased property. It allows for the assignment of an ORRIS limited to the depths corresponding to a particular geological marker or formation, irrespective of the type of hydrocarbon reservoir present. The Illinois Assignment of Overriding Royalty Interest Limited As to Depth document includes crucial details such as the assignor (current owner of the ORRIS), the assignee (the party acquiring the ORRIS), the description of the specific depth or formation assigned, the consideration or payment involved, and any additional terms or conditions set forth in the agreement. Assignments of Overriding Royalty Interest Limited As to Depth are essential for facilitating the transfer of interests in oil and gas leases while ensuring clarity and specificity regarding the depth limitations. These agreements provide confidence and security to both parties involved in the transaction, enabling efficient management of royalties within specific depth intervals or formations in Illinois.