This form is used when an Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ), reserving the right to pool the assigned interest.
Nevada Assignment of Overriding Royalty Interest (ARI) is a legal document used in the state of Nevada to transfer the rights to receive a percentage of the proceeds from oil and gas production from the assignor to the assignee. In certain cases, the assignor may choose to reserve the right to pool the assigned interest, which allows them to combine their royalty interest with other interests in the purpose of maximizing production efficiency. The Nevada Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a concise version of the agreement that outlines the specific terms and conditions related to the assignment and pooling of the overriding royalty interest. Keywords: Nevada, Assignment of Overriding Royalty Interest, Assignor, Reserves, Right to Pool, Assigned Interest, Short Form, oil and gas production, assignee, royalty interest. Different types of Nevada Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form may include: 1. Individual Assignment: This type of assignment occurs when an individual assignor transfers their overriding royalty interest to an assignee while reserving the right to pool the assigned interest. It is commonly used in cases where an individual wants to maintain control over their interest while still benefitting from pooling opportunities. 2. Corporate Assignment: In this case, a corporation or company assigns its overriding royalty interest to an assignee while reserving the right to pool the assigned interest. This type of assignment is frequently seen when corporations engage in oil and gas production and want to retain flexibility in managing their interests. 3. Joint Assignment: Joint assignments involve multiple assignors transferring their overriding royalty interests to an assignee while reserving the right to pool the assigned interests collectively. This type of assignment is typically used when multiple parties want to combine their interests to achieve greater economies of scale and maximize production efficiency. 4. Time-limited Assignment: In some cases, the assignor may only reserve the right to pool the assigned interest for a specific period. This type of assignment allows the assignor to assess the pooling opportunities periodically and decide whether to engage in pooling or retain the individual interest. It provides flexibility and adaptability based on the current market conditions. In conclusion, the Nevada Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legally binding agreement that allows for the transfer of overriding royalty interest while reserving the right to pool the assigned interest. The different types of assignments include individual, corporate, joint, and time-limited assignments, providing flexibility and options for assignors in managing their interests.
