Kansas Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-288
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease and Land convertable to a working interest. Keywords: Kansas, Assignment, Overriding Royalty Interest, Working Interest, Convertible, Assignee's Option Description: The Kansas Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option refers to a contractual agreement in the oil and gas industry. This document allows for the transfer of an overriding royalty interest (ORRIS) holder's rights to a working interest (WI) holder in a Kansas oil and gas property. In this agreement, the party assigning their ORRIS has the option to convert it into a WI, granting them operational and financial rights in the production of oil and gas on the property. The assignee, in turn, gains a stake in the working interest, allowing them to participate in the exploration, development, and production activities. The Kansas Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option provides flexibility to both parties involved. The assignor has the option to retain their ORRIS or convert it into a WI, depending on their investment goals and market conditions. On the other hand, the assignee can enhance their interests by obtaining a working interest, which allows them to actively participate in the decision-making process and potentially generate higher returns. Different types of Kansas Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option may include various provisions and conditions tailored to meet the specific needs of the parties involved. Some potential variations of this agreement could include the payment of consideration or a certain percentage of the WI to be given to the assignor upon conversion, a time limit within which the conversion option can be exercised, or restrictions on the assignee's ability to assign their WI interest. In summary, the Kansas Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option is a contractual arrangement that allows for the transfer of an ORRIS to a WI in a Kansas oil and gas property. It offers flexibility for both the assignor and assignee, granting the assignor the option to convert their ORRIS into a WI and giving the assignee a stake in the working interest, enhancing their involvement in the oil and gas operations on the property.

Keywords: Kansas, Assignment, Overriding Royalty Interest, Working Interest, Convertible, Assignee's Option Description: The Kansas Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option refers to a contractual agreement in the oil and gas industry. This document allows for the transfer of an overriding royalty interest (ORRIS) holder's rights to a working interest (WI) holder in a Kansas oil and gas property. In this agreement, the party assigning their ORRIS has the option to convert it into a WI, granting them operational and financial rights in the production of oil and gas on the property. The assignee, in turn, gains a stake in the working interest, allowing them to participate in the exploration, development, and production activities. The Kansas Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option provides flexibility to both parties involved. The assignor has the option to retain their ORRIS or convert it into a WI, depending on their investment goals and market conditions. On the other hand, the assignee can enhance their interests by obtaining a working interest, which allows them to actively participate in the decision-making process and potentially generate higher returns. Different types of Kansas Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option may include various provisions and conditions tailored to meet the specific needs of the parties involved. Some potential variations of this agreement could include the payment of consideration or a certain percentage of the WI to be given to the assignor upon conversion, a time limit within which the conversion option can be exercised, or restrictions on the assignee's ability to assign their WI interest. In summary, the Kansas Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option is a contractual arrangement that allows for the transfer of an ORRIS to a WI in a Kansas oil and gas property. It offers flexibility for both the assignor and assignee, granting the assignor the option to convert their ORRIS into a WI and giving the assignee a stake in the working interest, enhancing their involvement in the oil and gas operations on the property.