South Dakota Assignment of Overriding Royalty Interest - Short Form

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-031
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee all of Assignor's overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease and Land. A South Dakota Assignment of Overriding Royalty Interest — Short Form is a legally binding document used in the oil and gas industry. This contract establishes the transfer of overriding royalty interests (ORRIS) from one party to another in South Dakota. Orris is a percentage of revenue generated from the production and sale of oil and gas extracted from a specific area or well. Keywords: South Dakota, Assignment of Overriding Royalty Interest, Short Form, oil and gas industry, overriding royalty interests, ORRIS, revenue, production, extraction. There are no specific types of South Dakota Assignment of Overriding Royalty Interest — Short Form mentioned, as the term "short form" simply indicates a simplified version of the agreement compared to a long-form agreement. The short form is commonly used when both parties are already familiar with the terms and conditions or when the assignment is straightforward and does not require extensive negotiations. In a South Dakota Assignment of Overriding Royalty Interest — Short Form, the document typically includes the following key elements: 1. Parties Involved: Identifies the assignor (the party assigning the overriding royalty interest) and the assignee (the party acquiring the overriding royalty interest). 2. Property Description: Provides a detailed description of the specific oil and gas property or well to which the overriding royalty interest applies. This may include legal land descriptions, well names, or other identifying information. 3. Royalty Interest Transferred: Specifies the percentage of overriding royalty interest being assigned from the assignor to the assignee. This percentage represents the portion of revenue from the oil and gas production that the assignee will receive. 4. Consideration: States the consideration or compensation, such as monetary payment or other mutually agreed-upon terms, provided by the assignee to the assignor in exchange for the overriding royalty interest. 5. Effective Date: Establishes the effective date of the assignment, which denotes when the rights and obligations under the agreement come into effect. 6. Governing Law: Determines the laws of South Dakota that govern the interpretation and enforcement of the assignment. 7. Signatures: Requires the signatures of both parties involved, indicating their consent and agreement to the terms stated in the assignment. It is important to note that the contents and specific terms of a South Dakota Assignment of Overriding Royalty Interest — Short Form may vary depending on the negotiated terms between the parties. Legal advice from an attorney familiar with South Dakota oil and gas laws is recommended to ensure compliance with all applicable regulations and to protect the interests of both parties involved.

A South Dakota Assignment of Overriding Royalty Interest — Short Form is a legally binding document used in the oil and gas industry. This contract establishes the transfer of overriding royalty interests (ORRIS) from one party to another in South Dakota. Orris is a percentage of revenue generated from the production and sale of oil and gas extracted from a specific area or well. Keywords: South Dakota, Assignment of Overriding Royalty Interest, Short Form, oil and gas industry, overriding royalty interests, ORRIS, revenue, production, extraction. There are no specific types of South Dakota Assignment of Overriding Royalty Interest — Short Form mentioned, as the term "short form" simply indicates a simplified version of the agreement compared to a long-form agreement. The short form is commonly used when both parties are already familiar with the terms and conditions or when the assignment is straightforward and does not require extensive negotiations. In a South Dakota Assignment of Overriding Royalty Interest — Short Form, the document typically includes the following key elements: 1. Parties Involved: Identifies the assignor (the party assigning the overriding royalty interest) and the assignee (the party acquiring the overriding royalty interest). 2. Property Description: Provides a detailed description of the specific oil and gas property or well to which the overriding royalty interest applies. This may include legal land descriptions, well names, or other identifying information. 3. Royalty Interest Transferred: Specifies the percentage of overriding royalty interest being assigned from the assignor to the assignee. This percentage represents the portion of revenue from the oil and gas production that the assignee will receive. 4. Consideration: States the consideration or compensation, such as monetary payment or other mutually agreed-upon terms, provided by the assignee to the assignor in exchange for the overriding royalty interest. 5. Effective Date: Establishes the effective date of the assignment, which denotes when the rights and obligations under the agreement come into effect. 6. Governing Law: Determines the laws of South Dakota that govern the interpretation and enforcement of the assignment. 7. Signatures: Requires the signatures of both parties involved, indicating their consent and agreement to the terms stated in the assignment. It is important to note that the contents and specific terms of a South Dakota Assignment of Overriding Royalty Interest — Short Form may vary depending on the negotiated terms between the parties. Legal advice from an attorney familiar with South Dakota oil and gas laws is recommended to ensure compliance with all applicable regulations and to protect the interests of both parties involved.