Montana Assignment of Overriding Royalty Interest Limited As to Depth

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-290
• 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 and all oil, gas and other minerals produced, saved and sold from the Lease and Land, which is limited to depth.

Montana Assignment of Overriding Royalty Interest Limited As to Depth is a legal document that pertains to the transfer of ownership rights in oil, gas, or mineral leases in the state of Montana. This agreement allows the transfer of a share of the royalty interest from the assignor (the original owner) to the assignee (the new owner) within a limited depth range. The Assignment of Overriding Royalty Interest Limited As to Depth is an essential tool for individuals, companies, or investors who wish to acquire rights to a specific depth range of the minerals present in a leased property. It enables them to capitalize on the potential profits generated from the exploration and extraction of these resources. Key terms associated with Montana Assignment of Overriding Royalty Interest Limited As to Depth include: 1. Royalty Interest: Refers to the owner's share of the revenue or royalties generated from the production of oil, gas, or minerals. This interest can be transferred, allowing the assignee to receive a portion of the revenue generated. 2. Overriding Royalty Interest (ORRIS): This is a type of royalty interest that is created from a lease, separate from the primary lease royalty, and entitles the owner to a share of production revenues. The overriding royalty interest is limited in relation to a specific depth range. 3. Limited As to Depth: This denotes that the assignment of overriding royalty interest is restricted to a specific range of depths within the leased property. This limitation ensures that the assignee's rights and benefits only apply to the predetermined depth range. Different types or variations of Montana Assignment of Overriding Royalty Interest Limited As to Depth may exist based on specific terms and conditions agreed upon by the parties involved. Some examples may include: 1. Horizontal Assignment: This type of assignment limits the overriding royalty interest to a specific depth range within horizontal drilling operations. It is suitable for properties where horizontal drilling techniques are employed to extract resources. 2. Vertical Assignment: In contrast to the horizontal assignment, this type restricts the overriding royalty interest to a specific depth range within vertical drilling operations. It is applicable in properties where vertical drilling techniques are utilized. 3. Multiple-Depth Range Assignment: This variation allows the assignee to hold overriding royalty interest in multiple depth ranges within the leased property. It provides the opportunity to capitalize on diverse resource deposits that may exist at various depths. The Montana Assignment of Overriding Royalty Interest Limited As to Depth serves as a legally binding agreement that transfers ownership rights while providing necessary limitations to protect the assignor's interests. It enables efficient and transparent transactions within the oil, gas, and mineral industry, empowering both the assignor and assignee to benefit from the potential revenue generated from specific depth ranges in Montana.