Oklahoma Assignment of Overriding Royalty Interest For A Term of Years

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-289
• 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 for a specified term. Keywords: Oklahoma, assignment, overriding royalty interest, term of years, types. An Oklahoma Assignment of Overriding Royalty Interest For A Term of Years is a legal document that pertains to the transfer of the rights to receive overriding royalty interests in an oil, gas, or mineral lease for a specified period of time in Oklahoma. This type of assignment allows the assignor to transfer their interest in the overriding royalty to another party, known as the assignee, for a specific duration or term of years. The assignee then becomes entitled to receive the specified percentage or fraction of the proceeds derived from the production and sale of the oil, gas, or minerals from the lease. There are different types of Oklahoma Assignment of Overriding Royalty Interest For A Term of Years. These include: 1. Absolute Assignment: This type of assignment involves the complete transfer of the overriding royalty interest for a specific period. The assignor relinquishes all rights and benefits associated with the interest during the term. 2. Partial Assignment: In this case, the assignor transfers only a portion of their overriding royalty interest for a certain period. The assignee will receive the assigned percentage or fraction of the proceeds during the term, while the assignor retains the remaining interest. 3. Limited Assignment: A limited assignment of overriding royalty interest for a term of years provides restrictions on certain aspects of the assignment. This could include limitations on the assignee's ability to further transfer the interest or specific conditions that must be met for the assignment to remain valid. 4. Revocable Assignment: A revocable assignment allows the assignor to terminate or revoke the assignment before the specified term expires, at their discretion. This type of assignment provides flexibility if circumstances change or if the assignor wishes to reclaim the interest. It is important to note that the terms and conditions of the assignment, including the duration of the term, percentage or fraction of the overriding royalty interest being assigned, and any limitations or restrictions, are all negotiated and agreed upon between the assignor and assignee. These terms are typically outlined in the Assignment document, which must adhere to the relevant laws and regulations in Oklahoma.

Keywords: Oklahoma, assignment, overriding royalty interest, term of years, types. An Oklahoma Assignment of Overriding Royalty Interest For A Term of Years is a legal document that pertains to the transfer of the rights to receive overriding royalty interests in an oil, gas, or mineral lease for a specified period of time in Oklahoma. This type of assignment allows the assignor to transfer their interest in the overriding royalty to another party, known as the assignee, for a specific duration or term of years. The assignee then becomes entitled to receive the specified percentage or fraction of the proceeds derived from the production and sale of the oil, gas, or minerals from the lease. There are different types of Oklahoma Assignment of Overriding Royalty Interest For A Term of Years. These include: 1. Absolute Assignment: This type of assignment involves the complete transfer of the overriding royalty interest for a specific period. The assignor relinquishes all rights and benefits associated with the interest during the term. 2. Partial Assignment: In this case, the assignor transfers only a portion of their overriding royalty interest for a certain period. The assignee will receive the assigned percentage or fraction of the proceeds during the term, while the assignor retains the remaining interest. 3. Limited Assignment: A limited assignment of overriding royalty interest for a term of years provides restrictions on certain aspects of the assignment. This could include limitations on the assignee's ability to further transfer the interest or specific conditions that must be met for the assignment to remain valid. 4. Revocable Assignment: A revocable assignment allows the assignor to terminate or revoke the assignment before the specified term expires, at their discretion. This type of assignment provides flexibility if circumstances change or if the assignor wishes to reclaim the interest. It is important to note that the terms and conditions of the assignment, including the duration of the term, percentage or fraction of the overriding royalty interest being assigned, and any limitations or restrictions, are all negotiated and agreed upon between the assignor and assignee. These terms are typically outlined in the Assignment document, which must adhere to the relevant laws and regulations in Oklahoma.