Minnesota Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-518
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in a Lease, convertible to a working interest. A Minnesota Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that transfers the right to receive a portion of the royalties from an oil or gas lease to another party. This form is commonly used in the energy industry to establish ownership rights and ensure the proper distribution of income from oil or gas production. The assignment of overriding royalty interest allows the assignee (the party receiving the royalty interest) to receive a specific percentage of the revenue generated from the working interest, which is the ownership interest in the oil or gas lease. This document is particularly relevant when there are multiple leases involved, as it specifies the exact leases and their corresponding working interests from which the overriding royalty interest is being assigned. Furthermore, the limited warranty element of the document ensures that the assignor (the party transferring the royalty interest) warrants that they have the authority to make the assignment and that there are no prior conflicting assignments or claims on the royalty interest. This provision protects the assignee from future disputes or challenges regarding the ownership of the overriding royalty interest. Different types or variations of the Minnesota Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form may include additional provisions or conditions specific to the parties involved or the characteristics of the oil or gas leases. These variations could address matters such as the duration of the assignment, the calculation or adjustment of royalty payments, or any specific limitations or restrictions on the assigned royalty interest. In conclusion, the Minnesota Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a comprehensive legal document used in the energy industry to transfer the right to receive a portion of the royalties from multiple oil or gas leases. It ensures clarity and protection for both the assignor and assignee, establishing ownership rights and minimizing the risk of future disputes.

A Minnesota Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that transfers the right to receive a portion of the royalties from an oil or gas lease to another party. This form is commonly used in the energy industry to establish ownership rights and ensure the proper distribution of income from oil or gas production. The assignment of overriding royalty interest allows the assignee (the party receiving the royalty interest) to receive a specific percentage of the revenue generated from the working interest, which is the ownership interest in the oil or gas lease. This document is particularly relevant when there are multiple leases involved, as it specifies the exact leases and their corresponding working interests from which the overriding royalty interest is being assigned. Furthermore, the limited warranty element of the document ensures that the assignor (the party transferring the royalty interest) warrants that they have the authority to make the assignment and that there are no prior conflicting assignments or claims on the royalty interest. This provision protects the assignee from future disputes or challenges regarding the ownership of the overriding royalty interest. Different types or variations of the Minnesota Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form may include additional provisions or conditions specific to the parties involved or the characteristics of the oil or gas leases. These variations could address matters such as the duration of the assignment, the calculation or adjustment of royalty payments, or any specific limitations or restrictions on the assigned royalty interest. In conclusion, the Minnesota Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a comprehensive legal document used in the energy industry to transfer the right to receive a portion of the royalties from multiple oil or gas leases. It ensures clarity and protection for both the assignor and assignee, establishing ownership rights and minimizing the risk of future disputes.