This form is used when the Assignor wishes to convey, assign and sell to the Assignee an undivided working interest in an oil and gas lease but reserves an overriding royalty interest payable on all oil, gas, and associated hydrocarbons produced, saved and sold from the Lands.
North Carolina Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease is a legal document that allows the transfer of specific rights, interests, and obligations related to oil and gas exploration and production from one party to another. This assignment may involve a partial assignment, meaning only a portion of the total leased lands is being transferred. In the state of North Carolina, there are different types of partial assignment of oil and gas leases available: 1. North Carolina Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease — This type of assignment occurs when a portion of the leased lands is being transferred but are currently nonproducing. Nonproducing lease refers to a situation where oil and gas production has not commenced or suspended. 2. North Carolina Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease with Royalty Interest — This variant of the assignment involves not only the transfer of specific lands but also includes a royalty interest. A royalty interest grants the assignee a percentage of the oil and gas production proceeds from the assigned lands. 3. North Carolina Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Leases with Surface Rights — In certain cases, the partial assignment may also encompass surface rights. Surface rights allow the assignee to access and use the surface of the assigned lands for exploration, production, and related activities, subject to applicable regulations and restrictions. 4. North Carolina Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Leases with Working Interest — This type of assignment involves the transfer of both nonproducing lease rights and working interest. Working interest grants the assignee the right and responsibility to participate in the costs and risks associated with drilling, operating, and managing the assigned portion of the oil and gas lease. The North Carolina Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease typically includes important details such as the identification of the parties involved (assignor and assignee), the description of the assigned lands (including legal descriptions and survey information), the terms of the assignment (including duration and obligations), and any financial considerations or compensation involved. It is essential, however, to consult with a qualified attorney or legal professional to draft or review any specific North Carolina Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease, as it may be subject to local laws, regulations, and other unique circumstances.North Carolina Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease is a legal document that allows the transfer of specific rights, interests, and obligations related to oil and gas exploration and production from one party to another. This assignment may involve a partial assignment, meaning only a portion of the total leased lands is being transferred. In the state of North Carolina, there are different types of partial assignment of oil and gas leases available: 1. North Carolina Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease — This type of assignment occurs when a portion of the leased lands is being transferred but are currently nonproducing. Nonproducing lease refers to a situation where oil and gas production has not commenced or suspended. 2. North Carolina Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease with Royalty Interest — This variant of the assignment involves not only the transfer of specific lands but also includes a royalty interest. A royalty interest grants the assignee a percentage of the oil and gas production proceeds from the assigned lands. 3. North Carolina Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Leases with Surface Rights — In certain cases, the partial assignment may also encompass surface rights. Surface rights allow the assignee to access and use the surface of the assigned lands for exploration, production, and related activities, subject to applicable regulations and restrictions. 4. North Carolina Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Leases with Working Interest — This type of assignment involves the transfer of both nonproducing lease rights and working interest. Working interest grants the assignee the right and responsibility to participate in the costs and risks associated with drilling, operating, and managing the assigned portion of the oil and gas lease. The North Carolina Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease typically includes important details such as the identification of the parties involved (assignor and assignee), the description of the assigned lands (including legal descriptions and survey information), the terms of the assignment (including duration and obligations), and any financial considerations or compensation involved. It is essential, however, to consult with a qualified attorney or legal professional to draft or review any specific North Carolina Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease, as it may be subject to local laws, regulations, and other unique circumstances.
