Ohio 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. Ohio Assignment of Overriding Royalty Interest Limited As to Depth is a legal document that involves the transfer of a portion of the mineral rights or royalty interests from one party to another in Ohio. This assignment allows the assignee to receive a portion of the royalties or revenues generated from the extraction of minerals or hydrocarbons within a specific depth range. In Ohio, there are different types of Assignment of Overriding Royalty Interest Limited As to Depth. These types include assignments limited to a specific depth range and those limited to certain geological formations. Each type of assignment has its own set of terms and conditions that must be agreed upon by both parties involved. The purpose of an Ohio Assignment of Overriding Royalty Interest Limited As to Depth is to provide clarity and define the rights and responsibilities of both the assignor and assignee. It outlines the specific depth range or geological formation that the assignee will have the overriding royalty interest in, ensuring that the assignor retains control over other depths or formations. This legal document includes several key components. Firstly, it identifies the parties involved, including their legal names and contact information. It also outlines the specific depth range or geological formation covered by the assignment, clearly defining the limitations of the overriding royalty interest. Furthermore, the assignment sets out the royalty rate or percentage that the assignee is entitled to receive from the production generated within the designated depth range or formation. This rate is typically calculated based on a predetermined formula or agreement between the involved parties. In addition, the Ohio Assignment of Overriding Royalty Interest Limited As to Depth may include provisions regarding the assignee's right to audit the assignor's records to ensure accurate calculation of royalties. It may also address any obligations or responsibilities of both parties regarding the ongoing administration and payment of royalties. It is important to note that the Ohio Assignment of Overriding Royalty Interest Limited As to Depth is a legally binding document and should be thoroughly reviewed by both parties before signing. Seeking legal advice is always recommended ensuring compliance with state laws and regulations. Overall, the Ohio Assignment of Overriding Royalty Interest Limited As to Depth is a crucial legal instrument in the oil, gas, and mineral industry, providing a clear framework for the transfer of royalty interests within specified depth ranges or geological formations in Ohio.

Ohio Assignment of Overriding Royalty Interest Limited As to Depth is a legal document that involves the transfer of a portion of the mineral rights or royalty interests from one party to another in Ohio. This assignment allows the assignee to receive a portion of the royalties or revenues generated from the extraction of minerals or hydrocarbons within a specific depth range. In Ohio, there are different types of Assignment of Overriding Royalty Interest Limited As to Depth. These types include assignments limited to a specific depth range and those limited to certain geological formations. Each type of assignment has its own set of terms and conditions that must be agreed upon by both parties involved. The purpose of an Ohio Assignment of Overriding Royalty Interest Limited As to Depth is to provide clarity and define the rights and responsibilities of both the assignor and assignee. It outlines the specific depth range or geological formation that the assignee will have the overriding royalty interest in, ensuring that the assignor retains control over other depths or formations. This legal document includes several key components. Firstly, it identifies the parties involved, including their legal names and contact information. It also outlines the specific depth range or geological formation covered by the assignment, clearly defining the limitations of the overriding royalty interest. Furthermore, the assignment sets out the royalty rate or percentage that the assignee is entitled to receive from the production generated within the designated depth range or formation. This rate is typically calculated based on a predetermined formula or agreement between the involved parties. In addition, the Ohio Assignment of Overriding Royalty Interest Limited As to Depth may include provisions regarding the assignee's right to audit the assignor's records to ensure accurate calculation of royalties. It may also address any obligations or responsibilities of both parties regarding the ongoing administration and payment of royalties. It is important to note that the Ohio Assignment of Overriding Royalty Interest Limited As to Depth is a legally binding document and should be thoroughly reviewed by both parties before signing. Seeking legal advice is always recommended ensuring compliance with state laws and regulations. Overall, the Ohio Assignment of Overriding Royalty Interest Limited As to Depth is a crucial legal instrument in the oil, gas, and mineral industry, providing a clear framework for the transfer of royalty interests within specified depth ranges or geological formations in Ohio.