Minnesota Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-940
• Format: Word; Rich Text

Description

This form is an assignment of overriding royalty interest for a non-producing, single lease with reserves the right to pool. Minnesota Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that allows the transfer of overriding royalty interests in non-producing oil or gas wells located within a single lease in Minnesota while preserving the right to pool those interests. Keywords: Minnesota, Assignment of Overriding Royalty Interest, Non-Producing, Single Lease, Reserves Right to Pool 1. Overview: The Minnesota Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal instrument that facilitates the transfer of non-producing overriding royalty interests from one party to another. This document specifically applies to oil or gas wells located within a single lease in the state of Minnesota while preserving the right to pool these interests. 2. Purpose: The purpose of the Minnesota Assignment of Overriding Royalty Interest is to establish the legal framework for the transfer of non-producing overriding royalty interests. This allows parties to buy, sell, or exchange these interests while ensuring that the right to pool them is reserved for potential future development. 3. Non-Producing Interests: Non-producing overriding royalty interests refer to the ownership rights that entitle individuals or entities to a percentage of the future production revenues from an oil or gas well. These interests are valuable even if the well is not currently producing. 4. Single Lease: The Minnesota Assignment of Overriding Royalty Interest applies specifically to oil or gas wells located within a single lease. A lease is a legal agreement between the mineral rights' owner (lessor) and the energy company (lessee) that grants the right to explore and extract oil or gas on a specific area of land. 5. Reserves Right to Pool: One crucial provision in the Minnesota Assignment of Overriding Royalty Interest is the reservation of the right to pool. Pooling refers to the process of combining or consolidating multiple oil or gas leases, allowing for more efficient development and production operations. By reserving the right to pool, the assignor ensures that the overriding royalty interests can be combined with other interests in future development purposes. Types of Minnesota Assignment of Overriding Royalty Interest: 1. Producing vs. Non-Producing: There may be separate assignments for producing and non-producing overriding royalty interests, depending on the current production status of the well. 2. Different Lease Categories: The Minnesota Assignment of Overriding Royalty Interest may also vary depending on the specific lease category, such as leases for different types of minerals or oil and gas formations. 3. Assignment Amendments: If there are any modifications or amendments to the original assignment, such as changes in the royalty interest percentage or additional terms, these would be categorized as separate types of assignments under the Minnesota law. In conclusion, the Minnesota Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that enables the transfer of non-producing overriding royalty interests within a single lease while preserving the right to pool these interests in potential future development.

Minnesota Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that allows the transfer of overriding royalty interests in non-producing oil or gas wells located within a single lease in Minnesota while preserving the right to pool those interests. Keywords: Minnesota, Assignment of Overriding Royalty Interest, Non-Producing, Single Lease, Reserves Right to Pool 1. Overview: The Minnesota Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal instrument that facilitates the transfer of non-producing overriding royalty interests from one party to another. This document specifically applies to oil or gas wells located within a single lease in the state of Minnesota while preserving the right to pool these interests. 2. Purpose: The purpose of the Minnesota Assignment of Overriding Royalty Interest is to establish the legal framework for the transfer of non-producing overriding royalty interests. This allows parties to buy, sell, or exchange these interests while ensuring that the right to pool them is reserved for potential future development. 3. Non-Producing Interests: Non-producing overriding royalty interests refer to the ownership rights that entitle individuals or entities to a percentage of the future production revenues from an oil or gas well. These interests are valuable even if the well is not currently producing. 4. Single Lease: The Minnesota Assignment of Overriding Royalty Interest applies specifically to oil or gas wells located within a single lease. A lease is a legal agreement between the mineral rights' owner (lessor) and the energy company (lessee) that grants the right to explore and extract oil or gas on a specific area of land. 5. Reserves Right to Pool: One crucial provision in the Minnesota Assignment of Overriding Royalty Interest is the reservation of the right to pool. Pooling refers to the process of combining or consolidating multiple oil or gas leases, allowing for more efficient development and production operations. By reserving the right to pool, the assignor ensures that the overriding royalty interests can be combined with other interests in future development purposes. Types of Minnesota Assignment of Overriding Royalty Interest: 1. Producing vs. Non-Producing: There may be separate assignments for producing and non-producing overriding royalty interests, depending on the current production status of the well. 2. Different Lease Categories: The Minnesota Assignment of Overriding Royalty Interest may also vary depending on the specific lease category, such as leases for different types of minerals or oil and gas formations. 3. Assignment Amendments: If there are any modifications or amendments to the original assignment, such as changes in the royalty interest percentage or additional terms, these would be categorized as separate types of assignments under the Minnesota law. In conclusion, the Minnesota Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that enables the transfer of non-producing overriding royalty interests within a single lease while preserving the right to pool these interests in potential future development.