Kansas Correction Assignment of Overriding Royalty Interest Correcting Lease Description

• Category: Oil Gas and Minerals - Corrections
• State: Multi-State
• Control #: US-OG-028
• Format: Word; Rich Text

Description

This form is used when it is the intention of the Assignor and the Assignee to correct the description of the Oil and Gas Leases in an Assignment. Kansas Correction Assignment of Overriding Royalty Interest Correcting Lease Description refers to a legal document used in Kansas to correct or rectify errors or discrepancies in the description of a lease associated with overriding royalty interests. This document typically involves the assignment of rights in relation to the interest and aims to establish accuracy and clarity in lease descriptions. In the energy industry, particularly oil and gas exploration and production, overriding royalty interests are a type of royalty interest that is carved out of the lessee's working interest. These interests entitle the owner or assignee to receive a portion of the proceeds from the production of minerals, regardless of the success or failure of the operation. The purpose of Kansas Correction Assignment of Overriding Royalty Interest Correcting Lease Description is to rectify any errors, omissions, or ambiguities in the original lease agreement that may affect the overriding royalty interest. The corrections may involve clarifying the legal description of the property, stating the correct acreage, describing the geographical location accurately, or correcting any other relevant details specified by the parties involved. It's important to note that Kansas Correction Assignment of Overriding Royalty Interest Correcting Lease Description may vary depending on the specific requirements of the parties involved and the nature of the error or discrepancy being addressed. Some common types of Correction Assignment of Overriding Royalty Interest Correcting Lease Description in Kansas include: 1. Correcting Legal Description: This type of correction assignment is used when there are inaccuracies or ambiguities in the legal description of the leased property. It aims to provide an accurate and unequivocal description that precisely identifies the location and boundaries of the property. 2. Correcting Acreage: In cases where the acreage stated in the original lease is incorrect, a correction assignment can be made to accurately reflect the actual acreage of the leased property. This is crucial for determining the proportional share of royalties. 3. Correcting Geographical Description: If the original lease contains errors or inconsistencies in the geographical description, such as incorrect section-township-range information or identification of nearby landmarks, a correction assignment can rectify these inaccuracies for proper identification and determination of the leased property. 4. Correcting Other Relevant Lease Details: Aside from the aforementioned types, correction assignments may also address other relevant details that may have been incorrectly stated in the original lease. These can include correcting errors in the names of lessors, lessees, or assignees, specifying the correct date of the lease, or rectifying errors in the identification of minerals covered by the lease. Overall, Kansas Correction Assignment of Overriding Royalty Interest Correcting Lease Description is an essential legal tool to ensure accuracy, clarity, and enforceability of lease agreements related to overriding royalty interests in the state of Kansas. By rectifying errors and discrepancies, this document provides a clear and definitive description that protects the interests of all parties involved in mineral production and exploration.

Kansas Correction Assignment of Overriding Royalty Interest Correcting Lease Description refers to a legal document used in Kansas to correct or rectify errors or discrepancies in the description of a lease associated with overriding royalty interests. This document typically involves the assignment of rights in relation to the interest and aims to establish accuracy and clarity in lease descriptions. In the energy industry, particularly oil and gas exploration and production, overriding royalty interests are a type of royalty interest that is carved out of the lessee's working interest. These interests entitle the owner or assignee to receive a portion of the proceeds from the production of minerals, regardless of the success or failure of the operation. The purpose of Kansas Correction Assignment of Overriding Royalty Interest Correcting Lease Description is to rectify any errors, omissions, or ambiguities in the original lease agreement that may affect the overriding royalty interest. The corrections may involve clarifying the legal description of the property, stating the correct acreage, describing the geographical location accurately, or correcting any other relevant details specified by the parties involved. It's important to note that Kansas Correction Assignment of Overriding Royalty Interest Correcting Lease Description may vary depending on the specific requirements of the parties involved and the nature of the error or discrepancy being addressed. Some common types of Correction Assignment of Overriding Royalty Interest Correcting Lease Description in Kansas include: 1. Correcting Legal Description: This type of correction assignment is used when there are inaccuracies or ambiguities in the legal description of the leased property. It aims to provide an accurate and unequivocal description that precisely identifies the location and boundaries of the property. 2. Correcting Acreage: In cases where the acreage stated in the original lease is incorrect, a correction assignment can be made to accurately reflect the actual acreage of the leased property. This is crucial for determining the proportional share of royalties. 3. Correcting Geographical Description: If the original lease contains errors or inconsistencies in the geographical description, such as incorrect section-township-range information or identification of nearby landmarks, a correction assignment can rectify these inaccuracies for proper identification and determination of the leased property. 4. Correcting Other Relevant Lease Details: Aside from the aforementioned types, correction assignments may also address other relevant details that may have been incorrectly stated in the original lease. These can include correcting errors in the names of lessors, lessees, or assignees, specifying the correct date of the lease, or rectifying errors in the identification of minerals covered by the lease. Overall, Kansas Correction Assignment of Overriding Royalty Interest Correcting Lease Description is an essential legal tool to ensure accuracy, clarity, and enforceability of lease agreements related to overriding royalty interests in the state of Kansas. By rectifying errors and discrepancies, this document provides a clear and definitive description that protects the interests of all parties involved in mineral production and exploration.