Nebraska Assignment of Partial Interest in Oil and Gas Lease Reserving An Overriding Royalty Interest

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-266
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee a leasehold interest without reserving an overriding royalty interest. Nebraska Assignment of Partial Interest in Oil and Gas Lease Reserving an Overriding Royalty Interest is a legal document used in the energy industry that allows an individual or entity (the assignor) to transfer a portion of their interest in an oil and gas lease to another party (the assignee). This assignment is made while reserving an overriding royalty interest, which entitles the assignor to a predetermined percentage of the revenues generated from the extracted oil and gas. In Nebraska, there are various types of Assignments of Partial Interest in Oil and Gas Lease Reserving an Overriding Royalty Interest, each serving specific purposes and meeting different requirements. These variations include: 1. Standard Assignment with Overriding Royalty Interest: This type of assignment is the most common, where an assignor transfers a specific part of their interest in an oil and gas lease to an assignee while retaining an overriding royalty interest. 2. Assignment with Limited Term Overriding Royalty Interest: In this type of assignment, the assignor transfers both a partial interest and a time-limited overriding royalty interest to the assignee. The overriding royalty interest remains in effect for a predetermined period, after which it reverts to the assignor. 3. Assignment with Carved-out Overriding Royalty Interest: This assignment allows the assignor to retain an overriding royalty interest carved out from a specific part of the assigned interest. This might occur when the assignor wishes to retain royalties only on certain lands or developments within the lease. 4. Assignment with Proportional Overriding Royalty Interest: This type of assignment involves a proportional overriding royalty interest, where the assignor retains a royalty equivalent to their share of the assigned interest. For example, if the assignor transfers 50% of their interest, they would retain a 50% overriding royalty interest. 5. Assignment with Vested Overriding Royalty Interest: In certain cases, the assignor may grant a vested overriding royalty interest to the assignee. This means that the overriding royalty interest becomes effective immediately upon execution of the assignment rather than waiting for production or other specified events. 6. Assignment with Variable Overriding Royalty Interest: This assignment grants the assignor a variable overriding royalty interest based on the production levels or net revenue generated from the assigned interest. The percentage of the overriding royalty interest may vary depending on the performance of the lease. It is important to note that these variations may differ in their specific terms and conditions based on the agreement between the assignor and assignee. Legal advice and consultation prior to executing any assignment are highly recommended ensuring compliance with relevant Nebraska laws and regulations regarding oil and gas leases.

Nebraska Assignment of Partial Interest in Oil and Gas Lease Reserving an Overriding Royalty Interest is a legal document used in the energy industry that allows an individual or entity (the assignor) to transfer a portion of their interest in an oil and gas lease to another party (the assignee). This assignment is made while reserving an overriding royalty interest, which entitles the assignor to a predetermined percentage of the revenues generated from the extracted oil and gas. In Nebraska, there are various types of Assignments of Partial Interest in Oil and Gas Lease Reserving an Overriding Royalty Interest, each serving specific purposes and meeting different requirements. These variations include: 1. Standard Assignment with Overriding Royalty Interest: This type of assignment is the most common, where an assignor transfers a specific part of their interest in an oil and gas lease to an assignee while retaining an overriding royalty interest. 2. Assignment with Limited Term Overriding Royalty Interest: In this type of assignment, the assignor transfers both a partial interest and a time-limited overriding royalty interest to the assignee. The overriding royalty interest remains in effect for a predetermined period, after which it reverts to the assignor. 3. Assignment with Carved-out Overriding Royalty Interest: This assignment allows the assignor to retain an overriding royalty interest carved out from a specific part of the assigned interest. This might occur when the assignor wishes to retain royalties only on certain lands or developments within the lease. 4. Assignment with Proportional Overriding Royalty Interest: This type of assignment involves a proportional overriding royalty interest, where the assignor retains a royalty equivalent to their share of the assigned interest. For example, if the assignor transfers 50% of their interest, they would retain a 50% overriding royalty interest. 5. Assignment with Vested Overriding Royalty Interest: In certain cases, the assignor may grant a vested overriding royalty interest to the assignee. This means that the overriding royalty interest becomes effective immediately upon execution of the assignment rather than waiting for production or other specified events. 6. Assignment with Variable Overriding Royalty Interest: This assignment grants the assignor a variable overriding royalty interest based on the production levels or net revenue generated from the assigned interest. The percentage of the overriding royalty interest may vary depending on the performance of the lease. It is important to note that these variations may differ in their specific terms and conditions based on the agreement between the assignor and assignee. Legal advice and consultation prior to executing any assignment are highly recommended ensuring compliance with relevant Nebraska laws and regulations regarding oil and gas leases.