New York Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-940
• Format: Word; Rich Text

Description

This form is an assignment of overriding royalty interest for a non-producing, single lease with reserves the right to pool.

A New York Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) refers to a legal document that transfers a portion of the royalty interest from an oil, gas, or mineral lease to another party, specifically in the context of non-producing wells on a single lease while retaining the right to pool. Keywords: New York Assignment, Overriding Royalty Interest, Non-Producing, Single Lease, Reserves Right to Pool, oil, gas, mineral lease. In the oil and gas industry, an overriding royalty interest (ORRIS) is a contractual right that entitles the holder to a percentage of the revenue generated from production within a specific lease. Generally, an ORRIS is created when the lease is initially signed, but with a New York Assignment of Overriding Royalty Interest, this interest is transferred from one party to another after the lease has been established. This type of assignment is relevant in situations where the wells on a lease are not currently producing, but there is potential for future production. By assigning a non-producing overriding royalty interest, the assignor (party transferring the interest) has the opportunity to benefit from future production if it occurs. Additionally, the New York Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) specifically addresses the reservation of the right to pool. Pooling refers to the practice of combining small, uneconomical parcels of land leased for oil or gas exploration and production into a larger unit to enhance profitability. By reserving the right to pool, the assignor ensures that their royalty interest can still be utilized if pooling becomes necessary to maximize production and profits. There may be variations of the New York Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) based on specific contractual terms and negotiation between the parties involved. Other types of assignments could include variations such as: 1. New York Assignment of Overriding Royalty Interest (Producing, Single Lease, Reserves Right to Pool): In this scenario, the overriding royalty interest is assigned when the lease is already producing oil, gas, or minerals. The assignor retains the right to pool their interest to maximize revenue. 2. New York Assignment of Overriding Royalty Interest (Non-Producing, Multiple Leases, Reserves Right to Pool): This involves assigning an overriding royalty interest from multiple non-producing leases. It provides the assignor with the option to pool their interest from different leases if needed. 3. New York Assignment of Overriding Royalty Interest (Producing, Multiple Leases, Reserves Right to Pool): Similar to the above, but in this case, the assignment involves a producing lease spanning multiple different leases. The assignor reserves the right to pool their interest from different leases to optimize production and royalties. It is important to understand that the specific terms and conditions of a New York Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) may vary depending on the unique circumstances and agreements between the parties involved. Consulting with an attorney experienced in oil, gas, and mineral lease assignments is crucial to ensure compliance with relevant laws and regulations.