Nevada Assignment of Overriding Royalty Interest - Short Form

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-031
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee all of Assignor's overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease and Land. The Nevada Assignment of Overriding Royalty Interest — Short Form is a legal document utilized in the oil and gas industry. This agreement allows the assignment of overriding royalty interests (ORRIS) from one party to another in the state of Nevada. An overriding royalty interest is a specific type of royalty interest in an oil and gas lease that grants the holder the right to a portion of the revenue generated from the lease, typically in addition to the regular lease royalty. This additional royalty interest is often created for parties involved in the development, production, or financing of the oil and gas project. The Nevada Assignment of Overriding Royalty Interest — Short Form outlines the terms and conditions of the assignment, providing a detailed description of the overriding royalty interest being transferred. It includes important information such as the names of the assignor (the party transferring the ORRIS) and the assignee (the party receiving the ORRIS). Additionally, it highlights key details regarding the oil and gas lease, such as the lease operator's name, location, and term. The document specifies the percentage or fraction of the overriding royalty interest being assigned, along with any rights, benefits, and obligations associated with it. It also includes provisions related to the transfer of payments and potential future assignments. Although the specific name "Nevada Assignment of Overriding Royalty Interest — Short Form" suggests a standardized template, there may be variations or multiple forms available. These variations may differ in terms of specific language, additional provisions, or alternate layouts. Some alternate names for similar forms include Nevada ORRIS Assignment Agreement or Nevada ORRIS Transfer Agreement. It is crucial to consult with legal professionals or experienced industry experts to ensure compliance with Nevada laws and industry standards when drafting or utilizing the Nevada Assignment of Overriding Royalty Interest — Short Form. As oil and gas agreements involve substantial financial implications, careful consideration of the terms and conditions outlined in the document is essential for all parties involved.

The Nevada Assignment of Overriding Royalty Interest — Short Form is a legal document utilized in the oil and gas industry. This agreement allows the assignment of overriding royalty interests (ORRIS) from one party to another in the state of Nevada. An overriding royalty interest is a specific type of royalty interest in an oil and gas lease that grants the holder the right to a portion of the revenue generated from the lease, typically in addition to the regular lease royalty. This additional royalty interest is often created for parties involved in the development, production, or financing of the oil and gas project. The Nevada Assignment of Overriding Royalty Interest — Short Form outlines the terms and conditions of the assignment, providing a detailed description of the overriding royalty interest being transferred. It includes important information such as the names of the assignor (the party transferring the ORRIS) and the assignee (the party receiving the ORRIS). Additionally, it highlights key details regarding the oil and gas lease, such as the lease operator's name, location, and term. The document specifies the percentage or fraction of the overriding royalty interest being assigned, along with any rights, benefits, and obligations associated with it. It also includes provisions related to the transfer of payments and potential future assignments. Although the specific name "Nevada Assignment of Overriding Royalty Interest — Short Form" suggests a standardized template, there may be variations or multiple forms available. These variations may differ in terms of specific language, additional provisions, or alternate layouts. Some alternate names for similar forms include Nevada ORRIS Assignment Agreement or Nevada ORRIS Transfer Agreement. It is crucial to consult with legal professionals or experienced industry experts to ensure compliance with Nevada laws and industry standards when drafting or utilizing the Nevada Assignment of Overriding Royalty Interest — Short Form. As oil and gas agreements involve substantial financial implications, careful consideration of the terms and conditions outlined in the document is essential for all parties involved.