This form is used when an Assignor was granted the right to receive, at payout, a certain reversionary working interest in the Lease. Payout has not occurred, and Assignor is vested with beneficial ownership of the Interest in the Leases and Lands. The purpose of this Assignment and the intention of Assignor is to assign to Assignee, the Interest.
A New Mexico Assignment of a Diversionary Working Interest is a legal instrument that involves the transfer of rights and interests in an oil and gas lease or mineral rights in the state of New Mexico. It signifies the act of assigning or transferring a diversionary working interest in an oil or gas lease or a mineral rights lease from one party to another. This assignment document outlines the terms and conditions of the transfer, including the rights, obligations, and liabilities associated with the diversionary working interest. Keywords: New Mexico, Assignment, Diversionary Working Interest, Oil and Gas Lease, Mineral Rights, Transfer, Rights, Obligations, Liabilities Types of New Mexico Assignment of A Diversionary Working Interest include: 1. Absolute Assignment: An absolute assignment involves the complete transfer of a diversionary working interest in an oil and gas lease or mineral rights from one party to another. The assignor relinquishes all rights and obligations associated with the interest, while the assignee assumes full control and responsibility. 2. Partial Assignment: In a partial assignment, only a portion of the diversionary working interest is transferred from the assignor to the assignee. The assignor retains ownership of the remaining interest while still sharing certain rights and obligations with the assignee. 3. Temporary Assignment: A temporary assignment is a time-limited transfer of the diversionary working interest. It allows the assignor to temporarily transfer their interest rights to the assignee for a specified period. At the end of the agreed term, the diversionary working interest returns to the assignor. 4. Permanent Assignment: A permanent assignment involves the permanent transfer of the diversionary working interest from the assignor to the assignee. The assignor relinquishes all rights and obligations indefinitely, with no provision for the interest to revert to the assignor. 5. Subordinated Assignment: A subordinated assignment occurs when an assignor places their diversionary working interest in a subordinate position to another party's interests. This may entail giving priority to certain rights or obligations held by the subordination party. In conclusion, a New Mexico Assignment of a Diversionary Working Interest is a legal document that facilitates the transfer of rights and interests in oil and gas leases or mineral rights. Different types of assignments, such as absolute, partial, temporary, permanent, and subordinated assignments, exist based on the extent and permanency of the transfer. Understanding the details and implications of such assignments is crucial for both the assignor and assignee.
A New Mexico Assignment of a Diversionary Working Interest is a legal instrument that involves the transfer of rights and interests in an oil and gas lease or mineral rights in the state of New Mexico. It signifies the act of assigning or transferring a diversionary working interest in an oil or gas lease or a mineral rights lease from one party to another. This assignment document outlines the terms and conditions of the transfer, including the rights, obligations, and liabilities associated with the diversionary working interest. Keywords: New Mexico, Assignment, Diversionary Working Interest, Oil and Gas Lease, Mineral Rights, Transfer, Rights, Obligations, Liabilities Types of New Mexico Assignment of A Diversionary Working Interest include: 1. Absolute Assignment: An absolute assignment involves the complete transfer of a diversionary working interest in an oil and gas lease or mineral rights from one party to another. The assignor relinquishes all rights and obligations associated with the interest, while the assignee assumes full control and responsibility. 2. Partial Assignment: In a partial assignment, only a portion of the diversionary working interest is transferred from the assignor to the assignee. The assignor retains ownership of the remaining interest while still sharing certain rights and obligations with the assignee. 3. Temporary Assignment: A temporary assignment is a time-limited transfer of the diversionary working interest. It allows the assignor to temporarily transfer their interest rights to the assignee for a specified period. At the end of the agreed term, the diversionary working interest returns to the assignor. 4. Permanent Assignment: A permanent assignment involves the permanent transfer of the diversionary working interest from the assignor to the assignee. The assignor relinquishes all rights and obligations indefinitely, with no provision for the interest to revert to the assignor. 5. Subordinated Assignment: A subordinated assignment occurs when an assignor places their diversionary working interest in a subordinate position to another party's interests. This may entail giving priority to certain rights or obligations held by the subordination party. In conclusion, a New Mexico Assignment of a Diversionary Working Interest is a legal document that facilitates the transfer of rights and interests in oil and gas leases or mineral rights. Different types of assignments, such as absolute, partial, temporary, permanent, and subordinated assignments, exist based on the extent and permanency of the transfer. Understanding the details and implications of such assignments is crucial for both the assignor and assignee.
