Tennessee Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-940
• Format: Word; Rich Text

Description

This form is an assignment of overriding royalty interest for a non-producing, single lease with reserves the right to pool. A Tennessee Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that pertains to the transfer or assignment of a non-producing overriding royalty interest in an oil, gas, or mineral lease located in Tennessee. This type of assignment grants the assignee the right to receive a specific percentage or portion of the royalty payments from any production in the leased property. The assignment specifically refers to a non-producing overriding royalty interest, implying that there is currently no production on the leased property. This means that the assignee will only start receiving royalty payments once production commences. The assignment also specifies that it is applicable to a single lease, indicating that it pertains to a particular lease agreement rather than multiple leases. Furthermore, the assignment includes a provision that reserves the right to pool. Pooling, in this context, refers to the combining of multiple leases or tracts of land in order to form a larger drilling unit. The inclusion of this provision allows the assignee to participate in any future pooling activities related to the assigned lease, ensuring that they retain their royalty interest in the event of pooling operations. Although the description provided focuses on a specific type of Tennessee Assignment of Overriding Royalty Interest, it is important to note that there may be different variations or subcategories depending on specific terms, conditions, or restrictions outlined in different assignments. Some alternative types may include Tennessee Assignment of Overriding Royalty Interest (Producing), Tennessee Assignment of Overriding Royalty Interest (Multiple Lease), or Tennessee Assignment of Overriding Royalty Interest (Restricted Pooling). Each variation may have distinct clauses or provisions tailored to the specific circumstances of the assignment.

A Tennessee Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that pertains to the transfer or assignment of a non-producing overriding royalty interest in an oil, gas, or mineral lease located in Tennessee. This type of assignment grants the assignee the right to receive a specific percentage or portion of the royalty payments from any production in the leased property. The assignment specifically refers to a non-producing overriding royalty interest, implying that there is currently no production on the leased property. This means that the assignee will only start receiving royalty payments once production commences. The assignment also specifies that it is applicable to a single lease, indicating that it pertains to a particular lease agreement rather than multiple leases. Furthermore, the assignment includes a provision that reserves the right to pool. Pooling, in this context, refers to the combining of multiple leases or tracts of land in order to form a larger drilling unit. The inclusion of this provision allows the assignee to participate in any future pooling activities related to the assigned lease, ensuring that they retain their royalty interest in the event of pooling operations. Although the description provided focuses on a specific type of Tennessee Assignment of Overriding Royalty Interest, it is important to note that there may be different variations or subcategories depending on specific terms, conditions, or restrictions outlined in different assignments. Some alternative types may include Tennessee Assignment of Overriding Royalty Interest (Producing), Tennessee Assignment of Overriding Royalty Interest (Multiple Lease), or Tennessee Assignment of Overriding Royalty Interest (Restricted Pooling). Each variation may have distinct clauses or provisions tailored to the specific circumstances of the assignment.