South Carolina Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-287
• 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. The South Carolina Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage is a legal document that transfers certain rights and interests in an oil and gas lease from one party to another. This assignment specifically involves overriding royalty interests, which are additional interests created by the working interest owner, granting the assignee a percentage of the revenues derived from the lease. In South Carolina, there are different types of assignments of overriding royalty interests by working interest owners, single lease, and stated percentage. These variations include: 1. Voluntary Assignment: This type of assignment occurs when the working interest owner voluntarily transfers a portion of their overriding royalty interest to another party. The assignment is typically made in exchange for a consideration, such as a lump sum payment or an ongoing percentage of the revenues. 2. Involuntary Assignment: In certain situations, an overriding royalty interest may be involuntarily assigned by a court order or through the exercise of specific legal rights. This type of assignment may occur in cases of bankruptcy, foreclosure, or when a party fails to meet their contractual obligations. 3. Partial Assignment: A partial assignment of overriding royalty interests involves transferring only a specific percentage or portion of the working interest owner's rights. This type of assignment allows the assignee to receive a portion of the revenues generated from the lease, while the working interest owner retains ownership of the remaining interests. 4. Complete Assignment: A complete assignment, as the name suggests, involves the transfer of the entire overriding royalty interest in the working interest owner to another party. The assignee becomes the sole recipient of the revenues generated from the lease. Keywords: South Carolina, Assignment, Overriding Royalty Interest, Working Interest Owner, Single Lease, Stated Percentage, Voluntary Assignment, Involuntary Assignment, Partial Assignment, Complete Assignment.

The South Carolina Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage is a legal document that transfers certain rights and interests in an oil and gas lease from one party to another. This assignment specifically involves overriding royalty interests, which are additional interests created by the working interest owner, granting the assignee a percentage of the revenues derived from the lease. In South Carolina, there are different types of assignments of overriding royalty interests by working interest owners, single lease, and stated percentage. These variations include: 1. Voluntary Assignment: This type of assignment occurs when the working interest owner voluntarily transfers a portion of their overriding royalty interest to another party. The assignment is typically made in exchange for a consideration, such as a lump sum payment or an ongoing percentage of the revenues. 2. Involuntary Assignment: In certain situations, an overriding royalty interest may be involuntarily assigned by a court order or through the exercise of specific legal rights. This type of assignment may occur in cases of bankruptcy, foreclosure, or when a party fails to meet their contractual obligations. 3. Partial Assignment: A partial assignment of overriding royalty interests involves transferring only a specific percentage or portion of the working interest owner's rights. This type of assignment allows the assignee to receive a portion of the revenues generated from the lease, while the working interest owner retains ownership of the remaining interests. 4. Complete Assignment: A complete assignment, as the name suggests, involves the transfer of the entire overriding royalty interest in the working interest owner to another party. The assignee becomes the sole recipient of the revenues generated from the lease. Keywords: South Carolina, Assignment, Overriding Royalty Interest, Working Interest Owner, Single Lease, Stated Percentage, Voluntary Assignment, Involuntary Assignment, Partial Assignment, Complete Assignment.