Oregon Assignment of Carried Working Interest

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-300
• Format: Word; Rich Text

Description

This form is used when the Assignor grants, sells, and conveys to Assignee the Carried Interest in an oil and gas lease. The Oregon Assignment of Carried Working Interest is a legal document that outlines the transfer of a participant's interest in an oil, gas, or mineral lease to another party. This assignment allows the assignee to assume the rights, obligations, and benefits associated with the working interest. In Oregon, there are different types of Assignment of Carried Working Interest based on the specific arrangements made between the assignor and assignee: 1. Full Assignment: This type of assignment involves the complete transfer of the assignor's working interest in a lease to the assignee. The assignee assumes all responsibilities, including costs, risks, and benefits associated with the working interest. 2. Partial Assignment: In this scenario, the assignor transfers only a portion of their working interest to the assignee. The assignor remains responsible for their retained interest, while the assignee is liable for the assigned percentage of costs and benefits. 3. Carried Interest Assignment: This type of assignment is common in oil and gas exploration projects where one investor agrees to "carry" another investor's working interest share. The assignee assumes the financial obligations associated with the assignor's working interest until specific conditions, such as the discovery of oil or gas, are met. 4. Farm out Agreement: While not an assignment in the traditional sense, a farm out agreement is often associated with the assignment of carried working interest. It occurs when the owner of a lease ("armor") agrees to assign or transfer a portion of their working interest to another party ("farmer"). In exchange, the armor may receive compensation or retain a royalty interest in the lease. Oregon Assignment of Carried Working Interest agreements typically include crucial details such as the names of parties involved, description and location of the lease, percentage of working interest assigned, effective date, and any terms and conditions related to the assignment. These documents require careful consideration and legal assistance to ensure compliance with Oregon oil, gas, and mineral laws.

The Oregon Assignment of Carried Working Interest is a legal document that outlines the transfer of a participant's interest in an oil, gas, or mineral lease to another party. This assignment allows the assignee to assume the rights, obligations, and benefits associated with the working interest. In Oregon, there are different types of Assignment of Carried Working Interest based on the specific arrangements made between the assignor and assignee: 1. Full Assignment: This type of assignment involves the complete transfer of the assignor's working interest in a lease to the assignee. The assignee assumes all responsibilities, including costs, risks, and benefits associated with the working interest. 2. Partial Assignment: In this scenario, the assignor transfers only a portion of their working interest to the assignee. The assignor remains responsible for their retained interest, while the assignee is liable for the assigned percentage of costs and benefits. 3. Carried Interest Assignment: This type of assignment is common in oil and gas exploration projects where one investor agrees to "carry" another investor's working interest share. The assignee assumes the financial obligations associated with the assignor's working interest until specific conditions, such as the discovery of oil or gas, are met. 4. Farm out Agreement: While not an assignment in the traditional sense, a farm out agreement is often associated with the assignment of carried working interest. It occurs when the owner of a lease ("armor") agrees to assign or transfer a portion of their working interest to another party ("farmer"). In exchange, the armor may receive compensation or retain a royalty interest in the lease. Oregon Assignment of Carried Working Interest agreements typically include crucial details such as the names of parties involved, description and location of the lease, percentage of working interest assigned, effective date, and any terms and conditions related to the assignment. These documents require careful consideration and legal assistance to ensure compliance with Oregon oil, gas, and mineral laws.