North Dakota Assignment of Overriding Royalty Interest with Proportionate Reduction

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-282
• 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 which may be proportionately reduced. North Dakota Assignment of Overriding Royalty Interest with Proportionate Reduction refers to a legal agreement where an individual or entity assigns their percentage interest in an oil and gas lease's overriding royalty to another party. This type of agreement is commonly used in the energy industry, specifically in North Dakota, where there is significant oil and gas production. Keywords: North Dakota, Assignment, Overriding Royalty Interest, Proportionate Reduction, oil and gas lease, energy industry, production. There are various types of North Dakota Assignment of Overriding Royalty Interest with Proportionate Reduction, each having its own unique features and purposes: 1. Conventional Assignment: This type of assignment involves the transfer of a predetermined percentage interest in an overriding royalty from the assignor to the assignee. It often includes provisions for proportionate reduction in case of future adjustments or changes to the royalty interest. 2. Assignment with Proportionate Reduction Clause: This type of assignment includes specific clauses that outline the process of proportionate reduction in the overriding royalty interest. It ensures that if the underlying lease's royalty interest is reduced, the overriding royalty interest assigned will also be proportionately reduced. 3. Assignment Subject to Existing Proportionate Reduction: This assignment specifically addresses overriding royalties that are already subject to proportionate reduction due to existing lease terms or regulations. The assignor transfers their interest, including the proportionate reduction clause, to the assignee. 4. Assignment for Specific Oil and Gas Leases: This type of assignment focuses on transferring overriding royalty interests in specific oil and gas leases in North Dakota. It may include a provision for proportionate reduction if applicable or requested by the assignee. 5. Partial Assignment with Proportionate Reduction: In this scenario, the assignor transfers only a portion of their overriding royalty interest to the assignee. The proportionate reduction clause ensures that the assigned portion will be subjected to future reductions or adjustments like the original interest. In conclusion, North Dakota Assignment of Overriding Royalty Interest with Proportionate Reduction refers to a legal agreement used in the energy industry to transfer a percentage interest in an oil and gas lease's overriding royalty. It accounts for potential future adjustments or reductions through the inclusion of a proportionate reduction clause. Different types of assignments exist, including conventional assignments, assignments with proportionate reduction clause, assignments subject to existing proportionate reduction, assignments for specific leases, and partial assignments with proportionate reduction.

North Dakota Assignment of Overriding Royalty Interest with Proportionate Reduction refers to a legal agreement where an individual or entity assigns their percentage interest in an oil and gas lease's overriding royalty to another party. This type of agreement is commonly used in the energy industry, specifically in North Dakota, where there is significant oil and gas production. Keywords: North Dakota, Assignment, Overriding Royalty Interest, Proportionate Reduction, oil and gas lease, energy industry, production. There are various types of North Dakota Assignment of Overriding Royalty Interest with Proportionate Reduction, each having its own unique features and purposes: 1. Conventional Assignment: This type of assignment involves the transfer of a predetermined percentage interest in an overriding royalty from the assignor to the assignee. It often includes provisions for proportionate reduction in case of future adjustments or changes to the royalty interest. 2. Assignment with Proportionate Reduction Clause: This type of assignment includes specific clauses that outline the process of proportionate reduction in the overriding royalty interest. It ensures that if the underlying lease's royalty interest is reduced, the overriding royalty interest assigned will also be proportionately reduced. 3. Assignment Subject to Existing Proportionate Reduction: This assignment specifically addresses overriding royalties that are already subject to proportionate reduction due to existing lease terms or regulations. The assignor transfers their interest, including the proportionate reduction clause, to the assignee. 4. Assignment for Specific Oil and Gas Leases: This type of assignment focuses on transferring overriding royalty interests in specific oil and gas leases in North Dakota. It may include a provision for proportionate reduction if applicable or requested by the assignee. 5. Partial Assignment with Proportionate Reduction: In this scenario, the assignor transfers only a portion of their overriding royalty interest to the assignee. The proportionate reduction clause ensures that the assigned portion will be subjected to future reductions or adjustments like the original interest. In conclusion, North Dakota Assignment of Overriding Royalty Interest with Proportionate Reduction refers to a legal agreement used in the energy industry to transfer a percentage interest in an oil and gas lease's overriding royalty. It accounts for potential future adjustments or reductions through the inclusion of a proportionate reduction clause. Different types of assignments exist, including conventional assignments, assignments with proportionate reduction clause, assignments subject to existing proportionate reduction, assignments for specific leases, and partial assignments with proportionate reduction.