This form is used when an Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ), reserving the right to pool the assigned interest.
A Virginia Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal document used in Virginia for the transfer of a portion or all of an overriding royalty interest, while allowing the assignor to retain the right to combine or pool the assigned interest with other mineral interests. This type of assignment is commonly used in the oil and gas industry, where multiple parties may have interests in a particular oil or gas well, and pooling these interests can increase profitability and efficiency. The Virginia Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form can include various provisions and details depending on the specific circumstances and terms agreed upon by the parties involved. Some key points that may be included in this assignment are: 1. Identification of the Parties: The document will identify the assignor (the party transferring the overriding royalty interest), the assignee (the party receiving the assigned interest), and any other relevant parties involved in the assignment. 2. Description of the Royalty Interest: The assignment will specify the percentage or portion of the overriding royalty interest that is being transferred. This can be a specific decimal interest or a fraction of the total interest. 3. Reservation of Right to Pool: The assignor will expressly reserve the right to combine or pool the assigned interest with other mineral interests owned or controlled by the assignor. This allows the assignor to aggregate multiple interests in operational and economic reasons. 4. Conditions and Limitations: The assignment may include any conditions, limitations, or restrictions agreed upon by the parties. These can relate to the assignor's right to pool, the assignee's rights or benefits, or any other aspects of the assignment. 5. Representations and Warranties: Both parties may provide certain representations and warranties to affirm the validity of the assignment and their authority to enter into the agreement. 6. Indemnification: The assignment may include provisions specifying the responsibilities of each party in terms of indemnifying the other party against any loss, damage, or liability arising from the assignment. 7. Governing Law and Jurisdiction: The assignment will state the governing law of the agreement (Virginia in this case) and the jurisdiction where any disputes will be resolved. Different variations or types of Virginia Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form may exist depending on specific industry practices, additional provisions, or customized terms desired by the parties involved. It is advisable to consult legal professionals experienced in oil and gas contracts to ensure compliance with relevant laws and industry standards.
