A Kentucky Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment) is a legal document used in the oil and gas industry that allows an owner of a producing lease to transfer a portion of their rights and payment interests to another party. This type of assignment is commonly used to share the risks and rewards associated with operating an oil and gas lease. The assignment can be classified into two types: partial assignment and reservation of production payment. In a partial assignment, the owner of the lease transfers a specific percentage or fraction of their ownership interest to another party. This allows the assignee to participate in the production of oil and gas on the leased property and receive a proportionate share of the revenues and expenses. On the other hand, a reservation of production payment refers to a situation where the owner of the lease reserves a specific interest or payment from their oil and gas production. This reserved interest or payment is typically a percentage or fixed amount that the assignor retains for themselves, while assigning the remaining interest to another party. The Kentucky Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment) document contains several important elements. It identifies the parties involved in the assignment, including the assignor (the owner of the lease) and the assignee (the party acquiring the interest). The document also includes a detailed legal description of the leased property, which usually includes information such as the county, state, and official land descriptions. Additionally, it outlines the specific terms and conditions of the assignment, including the percentage or fraction of interest being assigned, any reserved interests or payments, and the effective date of the assignment. Relevant keywords for this topic include Kentucky, oil and gas lease, producing lease, assignment, partial assignment, reservation of production payment, ownership interest, revenues and expenses, risks and rewards, assignor, assignee, legal description, terms and conditions, and effective date. In summary, the Kentucky Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment) is a legal document used to transfer a portion of ownership interest and payment rights of an oil and gas lease in Kentucky. This allows the assignee to participate in the production and share in the revenues and expenses, while the assignor may reserve a specific interest or payment for themselves.
Kentucky Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment)
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Any partial assignment of any lease shall segregate the assigned and retained portions thereof, and as above provided, release and discharge the assignor from all obligations thereafter accruing with respect to the assigned lands; and such segregated leases shall continue in full force and effect for the primary term ...
ASSIGNMENT: The legal instrument whereby Oil and Gas Leases or Overriding Royalty interests are assigned or conveyed. ASSIGNMENT CLAUSE: A clause in any legal instrument that allows either party to the contract to assign all or part of his or her interest to others.
Wellbore. An assignment can be limited to the wellbore of a well. A wellbore limitation means that the assignor is assigning only those rights to production from the wellbore of a certain well, arguably at the total depth it existed at the time of the assignment.
What is a Held-By-Production Clause? "Held by production" is a provision in an oil or natural gas property lease that allows the lessee, generally an energy company, to continue drilling activities on the property as long as it is economically producing a minimum amount of oil or gas.
Total operated basis: The total reserves or production associated with the wells operated by an individual operator. This is also commonly known as the "gross operated" or "8/8ths" basis.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
Negotiating an oil and gas lease will require some research upfront. If you're a landowner interested in working with an oil and gas company, you should explore their history and experience. You'll want to work with a reputable company that works in your best interests, holds a high standard, and maintains insurance.
