New York Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-288
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease and Land convertable to a working interest. A New York Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option is a legal agreement that pertains to the oil and gas industry. This agreement involves the transfer of a party's overriding royalty interest (ORRIS) to another party, who then has the option to convert it into a working interest at their discretion. Keywords: New York, assignment, overriding royalty interest, convertible, working interest, assignee's option, legal agreement, oil and gas industry. In the oil and gas sector, overriding royalty interests are non-operating interests granted to a party that entitle them to receive a percentage of the oil or gas production revenues from a particular lease or property. By assigning their overriding royalty interest, the assignor transfers the rights, benefits, and corresponding revenue streams to the assignee. The New York Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option allows the assignee to have further flexibility and control over their investment. They hold the option to convert the assigned overriding royalty interest into a working interest, which grants them the right to actively participate in the exploration, development, and operations of the oil and gas project. The conversion to a working interest provides the assignee with enhanced decision-making power, as they become actively involved in the management of the project. They can influence the drilling and production operations, make development decisions, and share in both the revenues and expenses associated with the venture. It is worth mentioning that there may be different variations or types of the New York Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option, based on specific terms, conditions, and provisions agreed upon by the parties involved. These variations may depend on factors such as project size, duration, royalty percentages, or other negotiated terms. In summary, a New York Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option is a legal agreement commonly used in the oil and gas industry. It enables the transfer of overriding royalty interests from one party to another, with the added provision of allowing the assignee to convert it into a working interest. This agreement empowers the assignee by giving them the choice to actively participate, manage, and potentially benefit more from the operations and revenue streams of an oil and gas project.

A New York Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option is a legal agreement that pertains to the oil and gas industry. This agreement involves the transfer of a party's overriding royalty interest (ORRIS) to another party, who then has the option to convert it into a working interest at their discretion. Keywords: New York, assignment, overriding royalty interest, convertible, working interest, assignee's option, legal agreement, oil and gas industry. In the oil and gas sector, overriding royalty interests are non-operating interests granted to a party that entitle them to receive a percentage of the oil or gas production revenues from a particular lease or property. By assigning their overriding royalty interest, the assignor transfers the rights, benefits, and corresponding revenue streams to the assignee. The New York Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option allows the assignee to have further flexibility and control over their investment. They hold the option to convert the assigned overriding royalty interest into a working interest, which grants them the right to actively participate in the exploration, development, and operations of the oil and gas project. The conversion to a working interest provides the assignee with enhanced decision-making power, as they become actively involved in the management of the project. They can influence the drilling and production operations, make development decisions, and share in both the revenues and expenses associated with the venture. It is worth mentioning that there may be different variations or types of the New York Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option, based on specific terms, conditions, and provisions agreed upon by the parties involved. These variations may depend on factors such as project size, duration, royalty percentages, or other negotiated terms. In summary, a New York Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option is a legal agreement commonly used in the oil and gas industry. It enables the transfer of overriding royalty interests from one party to another, with the added provision of allowing the assignee to convert it into a working interest. This agreement empowers the assignee by giving them the choice to actively participate, manage, and potentially benefit more from the operations and revenue streams of an oil and gas project.