Kentucky Assignment of Carried Working Interest

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-300
• Format: Word; Rich Text

Description

This form is used when the Assignor grants, sells, and conveys to Assignee the Carried Interest in an oil and gas lease. Kentucky Assignment of Carried Working Interest refers to a legal document used in the oil and gas industry to transfer or assign a portion of a working interest in a Kentucky oil or gas lease to another party. This agreement is commonly used when one party (the assignor) wants to transfer their working interest to another party (the assignee) in exchange for a carried interest. A working interest is a percentage ownership in the oil or gas lease that entitles the owner to a portion of the production revenues and requires them to bear a corresponding portion of the costs associated with drilling and operations. In the context of an assignment of carried working interest, the assignee takes on the financial burden of these costs, known as the carried interest, until certain conditions are met. Some key elements typically included in a Kentucky Assignment of Carried Working Interest are: 1. Identification of Parties: The agreement should clearly state the names and contact details of both the assignor and the assignee. 2. Lease specifics: Details about the specific Kentucky oil or gas lease being assigned, including lease name, description, and legal description. 3. Assignor's Interest: The assignor should provide a detailed description of their current working interest percentage, rights, and obligations under the lease. 4. Assigned Interests: The agreement should outline the working interest percentage being assigned to the assignee and any conditions or limitations associated with the assignment. 5. Carried Interest: The terms of the carried interest should be clearly defined, including the duration and conditions under which the assignee will bear the costs associated with drilling, operations, and other activities. 6. Consideration: Any consideration, such as cash, stock, or other assets, provided by the assignee to the assignor in exchange for the assignment, should be stated. 7. Representations and Warranties: Both parties should make certain representations and warranties about their ability to enter into the agreement and the accuracy of the information provided. 8. Governing Law: The agreement should specify that it is governed by and subject to the laws of the state of Kentucky. 9. Confidentiality and Non-Disclosure: Both parties may include provisions regarding the confidentiality of the agreement and the non-disclosure of any proprietary or confidential information. It is important to note that while there may not be specific types of Kentucky Assignment of Carried Working Interest, the terms and conditions of the agreement can vary based on the specific needs and objectives of the parties involved.

Kentucky Assignment of Carried Working Interest refers to a legal document used in the oil and gas industry to transfer or assign a portion of a working interest in a Kentucky oil or gas lease to another party. This agreement is commonly used when one party (the assignor) wants to transfer their working interest to another party (the assignee) in exchange for a carried interest. A working interest is a percentage ownership in the oil or gas lease that entitles the owner to a portion of the production revenues and requires them to bear a corresponding portion of the costs associated with drilling and operations. In the context of an assignment of carried working interest, the assignee takes on the financial burden of these costs, known as the carried interest, until certain conditions are met. Some key elements typically included in a Kentucky Assignment of Carried Working Interest are: 1. Identification of Parties: The agreement should clearly state the names and contact details of both the assignor and the assignee. 2. Lease specifics: Details about the specific Kentucky oil or gas lease being assigned, including lease name, description, and legal description. 3. Assignor's Interest: The assignor should provide a detailed description of their current working interest percentage, rights, and obligations under the lease. 4. Assigned Interests: The agreement should outline the working interest percentage being assigned to the assignee and any conditions or limitations associated with the assignment. 5. Carried Interest: The terms of the carried interest should be clearly defined, including the duration and conditions under which the assignee will bear the costs associated with drilling, operations, and other activities. 6. Consideration: Any consideration, such as cash, stock, or other assets, provided by the assignee to the assignor in exchange for the assignment, should be stated. 7. Representations and Warranties: Both parties should make certain representations and warranties about their ability to enter into the agreement and the accuracy of the information provided. 8. Governing Law: The agreement should specify that it is governed by and subject to the laws of the state of Kentucky. 9. Confidentiality and Non-Disclosure: Both parties may include provisions regarding the confidentiality of the agreement and the non-disclosure of any proprietary or confidential information. It is important to note that while there may not be specific types of Kentucky Assignment of Carried Working Interest, the terms and conditions of the agreement can vary based on the specific needs and objectives of the parties involved.