Virginia 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. A Virginia Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage is a legal document that transfers a specific percentage of overriding royalty interest from the working interest owner to another party in relation to a single lease in Virginia. This assignment is often used in the oil and gas industry to allocate royalty interests among multiple stakeholders involved in the exploration and production process. In this type of assignment, the working interest owner agrees to assign a stated percentage of their overriding royalty interest to another party. The overriding royalty interest represents a share of the proceeds from the production of oil, gas, or minerals from the leased property, without bearing the costs and risks associated with the exploration and drilling activities. The assignment is usually made in consideration of monetary compensation or other agreed-upon terms. There can be variations of this type of assignment depending on the specific terms and conditions agreed upon by the parties involved. Some possible variations include assignments with different stated percentages, assignments with additional contractual obligations, or assignments with specific provisions related to revenue distribution or termination conditions. Keywords: Virginia Assignment, Overriding Royalty Interest, Working Interest Owner, Single Lease, Stated Percentage, Oil and Gas Industry, Exploration and Production, Lease Property, Royalty Interests, Production Proceeds, Costs and Risks, Monetary Compensation, Terms and Conditions, Contractual Obligations, Revenue Distribution, Termination Conditions.

A Virginia Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage is a legal document that transfers a specific percentage of overriding royalty interest from the working interest owner to another party in relation to a single lease in Virginia. This assignment is often used in the oil and gas industry to allocate royalty interests among multiple stakeholders involved in the exploration and production process. In this type of assignment, the working interest owner agrees to assign a stated percentage of their overriding royalty interest to another party. The overriding royalty interest represents a share of the proceeds from the production of oil, gas, or minerals from the leased property, without bearing the costs and risks associated with the exploration and drilling activities. The assignment is usually made in consideration of monetary compensation or other agreed-upon terms. There can be variations of this type of assignment depending on the specific terms and conditions agreed upon by the parties involved. Some possible variations include assignments with different stated percentages, assignments with additional contractual obligations, or assignments with specific provisions related to revenue distribution or termination conditions. Keywords: Virginia Assignment, Overriding Royalty Interest, Working Interest Owner, Single Lease, Stated Percentage, Oil and Gas Industry, Exploration and Production, Lease Property, Royalty Interests, Production Proceeds, Costs and Risks, Monetary Compensation, Terms and Conditions, Contractual Obligations, Revenue Distribution, Termination Conditions.