This form is used when an Assignor assigns, transfers, and conveys to Assignee an overriding royalty interest in the Lease and all of the oil and gas produced, saved and marketed from the Lease, out of the interest owned by Assignor, with proportionate reduction (the Override ).
An Oklahoma Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal document used in the oil and gas industry to transfer a portion of the overriding royalty interest (ORRIS) from one party to another. This assignment is specific to the state of Oklahoma and is employed when an ORRIS holder wants to sell or assign a portion of their interest to another party. The overriding royalty interest is a share of the oil and gas production from a lease that is separate from the working interest. It is typically reserved by the mineral owner or granted to a third party, and it entitles the holder to a percentage of the gross production from the lease, free of production costs. In the case of a Single Lease — Proportionate reduction assignment, the ORRIS holder is transferring a proportionate part of their overriding royalty interest to the assignee. The assignment can be structured in various ways depending on the specific agreement between the parties involved. There can be different types of Oklahoma Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction based on the terms and conditions agreed upon. These may include: 1. Partial Assignment: This type of assignment allows the ORRIS holder to transfer a specific percentage or fraction of their overriding royalty interest to the assignee. For example, the ORRIS holder may assign 50% of their interest, reducing their share but still retaining a portion of the ORRIS. 2. Temporary Assignment: In certain situations, an ORRIS holder may choose to temporarily assign a portion of their overriding royalty interest to another party. This could be done for a defined period or until certain conditions are met. After the agreed-upon conditions are fulfilled, the overriding royalty interest may revert to the original holder. 3. Permanent Assignment: In a permanent assignment, the ORRIS holder transfers their proportionate share of the overriding royalty interest to the assignee permanently. The assignee then becomes the new holder of that assigned portion and will receive the corresponding share of the production revenue from the lease. It is important to note that the specific terms and provisions of an Oklahoma Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction may vary depending on the parties involved and the negotiations between them. It is always recommended consulting with legal professionals experienced in oil and gas transactions to ensure compliance with state laws and to protect the interests of all parties involved.
An Oklahoma Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal document used in the oil and gas industry to transfer a portion of the overriding royalty interest (ORRIS) from one party to another. This assignment is specific to the state of Oklahoma and is employed when an ORRIS holder wants to sell or assign a portion of their interest to another party. The overriding royalty interest is a share of the oil and gas production from a lease that is separate from the working interest. It is typically reserved by the mineral owner or granted to a third party, and it entitles the holder to a percentage of the gross production from the lease, free of production costs. In the case of a Single Lease — Proportionate reduction assignment, the ORRIS holder is transferring a proportionate part of their overriding royalty interest to the assignee. The assignment can be structured in various ways depending on the specific agreement between the parties involved. There can be different types of Oklahoma Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction based on the terms and conditions agreed upon. These may include: 1. Partial Assignment: This type of assignment allows the ORRIS holder to transfer a specific percentage or fraction of their overriding royalty interest to the assignee. For example, the ORRIS holder may assign 50% of their interest, reducing their share but still retaining a portion of the ORRIS. 2. Temporary Assignment: In certain situations, an ORRIS holder may choose to temporarily assign a portion of their overriding royalty interest to another party. This could be done for a defined period or until certain conditions are met. After the agreed-upon conditions are fulfilled, the overriding royalty interest may revert to the original holder. 3. Permanent Assignment: In a permanent assignment, the ORRIS holder transfers their proportionate share of the overriding royalty interest to the assignee permanently. The assignee then becomes the new holder of that assigned portion and will receive the corresponding share of the production revenue from the lease. It is important to note that the specific terms and provisions of an Oklahoma Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction may vary depending on the parties involved and the negotiations between them. It is always recommended consulting with legal professionals experienced in oil and gas transactions to ensure compliance with state laws and to protect the interests of all parties involved.
