Mississippi Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-691
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in multiple non-producing Leases. A Mississippi Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool is a legal agreement commonly found in the oil and gas industry. This type of assignment involves the transfer of the overriding royalty interest (ORRIS) from one party to another, specifically in situations where there are multiple leases involved that are currently non-producing but have the potential to be pooled together. The ORRIS is a percentage of the revenue generated from the production of oil and gas from a particular lease or leases. In this case, the overriding royalty interest is being assigned, which means that the assignor (current holder of the ORRIS) is transferring their ownership rights to another party (the assignee). The assignee will then receive a percentage of the revenue generated from the production of oil and gas from the assigned leases. The key component of this assignment is the reservation of the right to pool. Pooling refers to the practice of combining the production from multiple leases into a single unit for operational efficiency. By reserving the right to pool, the assignor ensures that the assignee's ORRIS will be applicable to the combined production volume from any future pooling activities. There can be different types of Mississippi Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool. Some examples include: 1. Conventional Oil and Gas: This type of assignment involves non-producing leases that are associated with conventional oil and gas resources. Conventional resources refer to those that are found in naturally occurring reservoirs. 2. Shale Gas: In this case, the assignment pertains to non-producing leases that contain shale gas resources. Shale gas is extracted through hydraulic fracturing or fracking techniques. 3. Offshore Leases: This type of assignment focuses on non-producing leases located in offshore areas, typically in the Gulf of Mexico. Offshore drilling operations have their unique challenges and regulations. 4. Unconventional Resources: Assignments related to non-producing leases with unconventional resources, such as oil sands or coaled methane, fall under this category. Unconventional resources require specialized extraction methods. When engaging in a Mississippi Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool, it is crucial for all parties involved to thoroughly understand the terms and conditions laid out in the agreement. Consulting with legal and industry professionals is highly recommended ensuring compliance with applicable laws and regulations and to protect the interests of all parties.

A Mississippi Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool is a legal agreement commonly found in the oil and gas industry. This type of assignment involves the transfer of the overriding royalty interest (ORRIS) from one party to another, specifically in situations where there are multiple leases involved that are currently non-producing but have the potential to be pooled together. The ORRIS is a percentage of the revenue generated from the production of oil and gas from a particular lease or leases. In this case, the overriding royalty interest is being assigned, which means that the assignor (current holder of the ORRIS) is transferring their ownership rights to another party (the assignee). The assignee will then receive a percentage of the revenue generated from the production of oil and gas from the assigned leases. The key component of this assignment is the reservation of the right to pool. Pooling refers to the practice of combining the production from multiple leases into a single unit for operational efficiency. By reserving the right to pool, the assignor ensures that the assignee's ORRIS will be applicable to the combined production volume from any future pooling activities. There can be different types of Mississippi Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool. Some examples include: 1. Conventional Oil and Gas: This type of assignment involves non-producing leases that are associated with conventional oil and gas resources. Conventional resources refer to those that are found in naturally occurring reservoirs. 2. Shale Gas: In this case, the assignment pertains to non-producing leases that contain shale gas resources. Shale gas is extracted through hydraulic fracturing or fracking techniques. 3. Offshore Leases: This type of assignment focuses on non-producing leases located in offshore areas, typically in the Gulf of Mexico. Offshore drilling operations have their unique challenges and regulations. 4. Unconventional Resources: Assignments related to non-producing leases with unconventional resources, such as oil sands or coaled methane, fall under this category. Unconventional resources require specialized extraction methods. When engaging in a Mississippi Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool, it is crucial for all parties involved to thoroughly understand the terms and conditions laid out in the agreement. Consulting with legal and industry professionals is highly recommended ensuring compliance with applicable laws and regulations and to protect the interests of all parties.