Montana Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-288
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease and Land convertable to a working interest. Montana Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option is a legal document in which a party assigns its overriding royalty interest (ORRIS) in an oil or gas lease to another party. This assignment also provides the assignee with the option to convert the ORRIS into a working interest at a later time. The assignment of an ORRIS, a type of royalty interest, means that the assignee will receive a share of the revenue generated by the oil or gas production from the lease, free of the costs of drilling and operating the well. The ORRIS is typically expressed as a percentage, and its value is often based on a percentage of the gross production revenue. In Montana, there are various types of Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option documents, tailored to different scenarios and purposes. Some key variations include: 1. Standard Montana Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option: This is the most common type of assignment, wherein a party assigns its ORRIS to another party, allowing the assignee the right to convert it into a working interest if desired. 2. Partial Conversion Montana Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option: In this scenario, the assignment allows the assignee to convert only a portion of the ORRIS into a working interest, providing flexibility and risk reduction. 3. Time-bound Montana Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option: This type of assignment includes a specific time period within which the assignee must exercise the option to convert the ORRIS into a working interest, ensuring timely decision-making and accountability. 4. Mutual Consent Montana Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option: This variation involves both the assignor and the assignee agreeing and giving mutual consent for the conversion of the ORRIS into a working interest, effectively safeguarding the interests of both parties. In conclusion, the Montana Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option is a legal document that facilitates the transfer of an ORRIS from one party to another. It provides the assignee with the option to convert the ORRIS into a working interest, and specific variations of this assignment exist to cater to different circumstances and requirements.

Montana Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option is a legal document in which a party assigns its overriding royalty interest (ORRIS) in an oil or gas lease to another party. This assignment also provides the assignee with the option to convert the ORRIS into a working interest at a later time. The assignment of an ORRIS, a type of royalty interest, means that the assignee will receive a share of the revenue generated by the oil or gas production from the lease, free of the costs of drilling and operating the well. The ORRIS is typically expressed as a percentage, and its value is often based on a percentage of the gross production revenue. In Montana, there are various types of Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option documents, tailored to different scenarios and purposes. Some key variations include: 1. Standard Montana Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option: This is the most common type of assignment, wherein a party assigns its ORRIS to another party, allowing the assignee the right to convert it into a working interest if desired. 2. Partial Conversion Montana Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option: In this scenario, the assignment allows the assignee to convert only a portion of the ORRIS into a working interest, providing flexibility and risk reduction. 3. Time-bound Montana Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option: This type of assignment includes a specific time period within which the assignee must exercise the option to convert the ORRIS into a working interest, ensuring timely decision-making and accountability. 4. Mutual Consent Montana Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option: This variation involves both the assignor and the assignee agreeing and giving mutual consent for the conversion of the ORRIS into a working interest, effectively safeguarding the interests of both parties. In conclusion, the Montana Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option is a legal document that facilitates the transfer of an ORRIS from one party to another. It provides the assignee with the option to convert the ORRIS into a working interest, and specific variations of this assignment exist to cater to different circumstances and requirements.