This form is used when an Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ), reserving the right to pool the assigned interest.
Keywords: Indiana Assignment of Overriding Royalty Interest, Assignor Reserves the Right to Pool, Short Form Detailed description: An Indiana Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form refers to a specific type of legal document used in the state of Indiana that allows an assignor to transfer their overriding royalty interest in an oil or gas lease while also reserving the right to pool the assigned interest. When an individual or entity holds an overriding royalty interest in an oil or gas lease, it means that they have a share of the actual production or revenue generated from the lease, without having ownership rights in the lease itself. They are entitled to a predetermined percentage of the proceeds from the extraction and production of oil or gas on the leased property. In certain cases, the assignor might wish to assign their overriding royalty interest to another party while still retaining the right to pool the assigned interest. Pooling, in this context, refers to the combining of multiple leases or interests into one unit for the purpose of drilling, extraction, and sharing of costs and revenues. The Indiana Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form outlines the terms and conditions of this transaction. It identifies the assignor, the assignee, and the overriding royalty interest being assigned. It also specifies the extent of the assignor's right to pool the assigned interest, allowing them to participate in any future pooling activities related to the assigned interest. Different types or variations of this assignment might exist, depending on specific language, clauses, or additional provisions included in the document. These variations might include: 1. Assignment with Partial Reservation of the Right to Pool: In this type, the assignor reserves the right to pool only a portion of the assigned overriding royalty interest, while the rest is transferred to the assignee without the right to pool. 2. Assignment with Temporary Reservation of the Right to Pool: This variation allows the assignor to temporarily reserve the right to pool the assigned interest for a specified period. After the expiration of this period, the assignee gains full rights over the assigned overriding royalty interest, including the right to pool. 3. Assignment with Conditional Reservation of the Right to Pool: Here, the assignor reserves the right to pool the assigned interest based on certain conditions or contingencies outlined in the agreement. If these conditions are not met, the assignee assumes full ownership and control of the assigned interest without the right to pool. By utilizing an Indiana Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form, both the assignor and assignee can formalize their agreement, clearly defining their rights and obligations regarding the overriding royalty interest and the right to pool. This legal document provides clarity and protection for all parties involved in such transactions.Keywords: Indiana Assignment of Overriding Royalty Interest, Assignor Reserves the Right to Pool, Short Form Detailed description: An Indiana Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form refers to a specific type of legal document used in the state of Indiana that allows an assignor to transfer their overriding royalty interest in an oil or gas lease while also reserving the right to pool the assigned interest. When an individual or entity holds an overriding royalty interest in an oil or gas lease, it means that they have a share of the actual production or revenue generated from the lease, without having ownership rights in the lease itself. They are entitled to a predetermined percentage of the proceeds from the extraction and production of oil or gas on the leased property. In certain cases, the assignor might wish to assign their overriding royalty interest to another party while still retaining the right to pool the assigned interest. Pooling, in this context, refers to the combining of multiple leases or interests into one unit for the purpose of drilling, extraction, and sharing of costs and revenues. The Indiana Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form outlines the terms and conditions of this transaction. It identifies the assignor, the assignee, and the overriding royalty interest being assigned. It also specifies the extent of the assignor's right to pool the assigned interest, allowing them to participate in any future pooling activities related to the assigned interest. Different types or variations of this assignment might exist, depending on specific language, clauses, or additional provisions included in the document. These variations might include: 1. Assignment with Partial Reservation of the Right to Pool: In this type, the assignor reserves the right to pool only a portion of the assigned overriding royalty interest, while the rest is transferred to the assignee without the right to pool. 2. Assignment with Temporary Reservation of the Right to Pool: This variation allows the assignor to temporarily reserve the right to pool the assigned interest for a specified period. After the expiration of this period, the assignee gains full rights over the assigned overriding royalty interest, including the right to pool. 3. Assignment with Conditional Reservation of the Right to Pool: Here, the assignor reserves the right to pool the assigned interest based on certain conditions or contingencies outlined in the agreement. If these conditions are not met, the assignee assumes full ownership and control of the assigned interest without the right to pool. By utilizing an Indiana Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form, both the assignor and assignee can formalize their agreement, clearly defining their rights and obligations regarding the overriding royalty interest and the right to pool. This legal document provides clarity and protection for all parties involved in such transactions.
