New York Assignment of Overriding Royalty Interest Limited As to Depth

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-290
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease and Land, which is limited to depth. The New York Assignment of Overriding Royalty Interest Limited As to Depth is a legal document that grants an individual or entity the right to receive a portion of the royalties from oil and gas production based on a specified depth or level within a designated area. This assignment is commonly used in the oil and gas industry to allocate royalties fairly and ensure proper compensation for the parties involved. The "Limited As to Depth" aspect of this assignment signifies that the overriding royalty interest is limited to a particular depth range, typically below a certain point. This limitation is crucial for defining the scope of the assignment and determining the areas or formations from which the assignee is entitled to receive royalties. It helps protect the interests of all parties involved by clearly establishing the rights and obligations related to royalty payments. There may be different types or variations of the New York Assignment of Overriding Royalty Interest Limited As to Depth, depending on the specific circumstances and agreements between the parties. These variations can include assignments that are limited to one specific oil or gas well, assignments relating to multiple wells within a particular geographic area, or assignments that pertain to specific formations or layers within a well. The process of executing a New York Assignment of Overriding Royalty Interest Limited As to Depth typically involves identifying the assignor (the party granting the royalty interest), the assignee (the party receiving the royalty interest), and the specific depth or depths at which the assignment applies. It is essential to thoroughly review and understand the terms and conditions outlined in the assignment before finalizing the agreement to ensure compliance with applicable laws and regulations. In summary, the New York Assignment of Overriding Royalty Interest Limited As to Depth is a legal instrument used in the oil and gas industry to allocate royalties within specific depth ranges. By clearly defining the rights and limitations of the assignee, this assignment protects the interests of all parties involved and ensures fair compensation based on oil and gas production from designated depths or formations.

The New York Assignment of Overriding Royalty Interest Limited As to Depth is a legal document that grants an individual or entity the right to receive a portion of the royalties from oil and gas production based on a specified depth or level within a designated area. This assignment is commonly used in the oil and gas industry to allocate royalties fairly and ensure proper compensation for the parties involved. The "Limited As to Depth" aspect of this assignment signifies that the overriding royalty interest is limited to a particular depth range, typically below a certain point. This limitation is crucial for defining the scope of the assignment and determining the areas or formations from which the assignee is entitled to receive royalties. It helps protect the interests of all parties involved by clearly establishing the rights and obligations related to royalty payments. There may be different types or variations of the New York Assignment of Overriding Royalty Interest Limited As to Depth, depending on the specific circumstances and agreements between the parties. These variations can include assignments that are limited to one specific oil or gas well, assignments relating to multiple wells within a particular geographic area, or assignments that pertain to specific formations or layers within a well. The process of executing a New York Assignment of Overriding Royalty Interest Limited As to Depth typically involves identifying the assignor (the party granting the royalty interest), the assignee (the party receiving the royalty interest), and the specific depth or depths at which the assignment applies. It is essential to thoroughly review and understand the terms and conditions outlined in the assignment before finalizing the agreement to ensure compliance with applicable laws and regulations. In summary, the New York Assignment of Overriding Royalty Interest Limited As to Depth is a legal instrument used in the oil and gas industry to allocate royalties within specific depth ranges. By clearly defining the rights and limitations of the assignee, this assignment protects the interests of all parties involved and ensures fair compensation based on oil and gas production from designated depths or formations.