Texas Assignment of Production Payment Measured by Quantity of Production

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-293
• Format: Word; Rich Text

Description

This form is used when the Assignor transfers, assigns and conveys to Assignee a production payment measured by the quantity of production. The Texas Assignment of Production Payment Measured by Quantity of Production is a legal agreement that allows an owner of a payment stream derived from the production of oil and gas to assign or transfer their rights to another party. This type of assignment is specifically based on the quantity of production, whereby the assigned party receives a percentage of the revenue based on the amount of oil or gas produced. In Texas, there are different types of Assignment of Production Payment Measured by Quantity of Production, each serving a specific purpose: 1. Royalty Assignment: This type of assignment is commonly seen in Texas oil and gas industry. The royalty interest owner assigns their right to receive royalty payments based on the quantity of oil or gas produced. The assigning party transfers a portion or the entirety of their royalty interest to another individual or entity. 2. Working Interest Assignment: In some cases, a party might own a working interest in an oil or gas lease. This assignment allows them to assign a portion or all of their working interest to another party, who will then assume the responsibilities, costs, and rights associated with the production. 3. Overriding Royalty Interest (ORRIS) Assignment: ORRIS is a percentage interest in oil and gas production that is separate from the working interest and royalty interest. With this assignment, the ORRIS owner transfers a specific percentage of their interest in the production revenue based on the amount of oil or gas extracted from the lease. 4. Net Revenue Interest (NRI) Assignment: NRI represents the owner's share of the total revenue generated from the production, after deducting costs and expenses. This assignment allows the NRI owner to transfer their interest in the net revenue based on the quantity of production. In summary, the Texas Assignment of Production Payment Measured by Quantity of Production encompasses various types of assignments, including royalty, working interest, overriding royalty interest, and net revenue interest. Each serves its unique purpose and allows owners to transfer their rights to receive revenue based on the quantity of oil or gas produced.

The Texas Assignment of Production Payment Measured by Quantity of Production is a legal agreement that allows an owner of a payment stream derived from the production of oil and gas to assign or transfer their rights to another party. This type of assignment is specifically based on the quantity of production, whereby the assigned party receives a percentage of the revenue based on the amount of oil or gas produced. In Texas, there are different types of Assignment of Production Payment Measured by Quantity of Production, each serving a specific purpose: 1. Royalty Assignment: This type of assignment is commonly seen in Texas oil and gas industry. The royalty interest owner assigns their right to receive royalty payments based on the quantity of oil or gas produced. The assigning party transfers a portion or the entirety of their royalty interest to another individual or entity. 2. Working Interest Assignment: In some cases, a party might own a working interest in an oil or gas lease. This assignment allows them to assign a portion or all of their working interest to another party, who will then assume the responsibilities, costs, and rights associated with the production. 3. Overriding Royalty Interest (ORRIS) Assignment: ORRIS is a percentage interest in oil and gas production that is separate from the working interest and royalty interest. With this assignment, the ORRIS owner transfers a specific percentage of their interest in the production revenue based on the amount of oil or gas extracted from the lease. 4. Net Revenue Interest (NRI) Assignment: NRI represents the owner's share of the total revenue generated from the production, after deducting costs and expenses. This assignment allows the NRI owner to transfer their interest in the net revenue based on the quantity of production. In summary, the Texas Assignment of Production Payment Measured by Quantity of Production encompasses various types of assignments, including royalty, working interest, overriding royalty interest, and net revenue interest. Each serves its unique purpose and allows owners to transfer their rights to receive revenue based on the quantity of oil or gas produced.