Maine Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment)

• Category: Oil Gas and Minerals - Leases
• State: Multi-State
• Control #: US-OG-1075
• Format: Word; Rich Text

Description

This form is a partial assignment of an oil and gas producing lease for reservation of production payment. A Maine Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment) is a legal document that involves the transfer of a portion of the rights and interests in an oil and gas lease in the state of Maine. This type of assignment typically includes the reservation of a production payment to the assignor, which provides the assignor with a share of the proceeds from the production of oil and gas on the leased property. Keywords: 1. Maine: This signifies the location and jurisdiction where the partial assignment of the oil and gas lease is taking place. 2. Partial Assignment: Indicates that only a portion of the rights and interests in the lease are being transferred, rather than the entirety. 3. Oil and Gas Lease: Refers to the agreement between the lessor (property owner) and the lessee (oil and gas company) allowing the exploration, extraction, and production of oil and gas on the leased property. 4. Producing Lease: Denotes that the assigned lease is currently in the production phase, meaning oil and gas extraction is already taking place. 5. Reservation of Production Payment: Specifies that the assignor retains the right to receive a portion of the revenue generated from the production of oil and gas on the leased property. Different types of Maine Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment) may include: 1. Non-Operated Assignment: The assignor transfers a portion of their interests as a non-operating working interest owner in the producing lease. 2. Overriding Royalty Interest Assignment: The assignor assigns a portion of their overriding royalty interest (ORRIS) in the producing lease, which grants the assignor a share in the revenue from the production after certain costs have been deducted. 3. Net Revenue Interest Assignment: The assignor transfers a percentage of their net revenue interest (NRI) in the producing lease. NRI represents the portion of the proceeds from oil and gas production that belongs to the assignor after deducting royalties and production costs. It is essential to consult with an attorney or legal professional to understand the specific terms and conditions of a Maine Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment), as each agreement may vary depending on the circumstances and parties involved.

A Maine Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment) is a legal document that involves the transfer of a portion of the rights and interests in an oil and gas lease in the state of Maine. This type of assignment typically includes the reservation of a production payment to the assignor, which provides the assignor with a share of the proceeds from the production of oil and gas on the leased property. Keywords: 1. Maine: This signifies the location and jurisdiction where the partial assignment of the oil and gas lease is taking place. 2. Partial Assignment: Indicates that only a portion of the rights and interests in the lease are being transferred, rather than the entirety. 3. Oil and Gas Lease: Refers to the agreement between the lessor (property owner) and the lessee (oil and gas company) allowing the exploration, extraction, and production of oil and gas on the leased property. 4. Producing Lease: Denotes that the assigned lease is currently in the production phase, meaning oil and gas extraction is already taking place. 5. Reservation of Production Payment: Specifies that the assignor retains the right to receive a portion of the revenue generated from the production of oil and gas on the leased property. Different types of Maine Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment) may include: 1. Non-Operated Assignment: The assignor transfers a portion of their interests as a non-operating working interest owner in the producing lease. 2. Overriding Royalty Interest Assignment: The assignor assigns a portion of their overriding royalty interest (ORRIS) in the producing lease, which grants the assignor a share in the revenue from the production after certain costs have been deducted. 3. Net Revenue Interest Assignment: The assignor transfers a percentage of their net revenue interest (NRI) in the producing lease. NRI represents the portion of the proceeds from oil and gas production that belongs to the assignor after deducting royalties and production costs. It is essential to consult with an attorney or legal professional to understand the specific terms and conditions of a Maine Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment), as each agreement may vary depending on the circumstances and parties involved.