Virgin Islands 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. The Virgin Islands Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage refers to a legal contract that transfers a portion of the overriding royalty interest from the working interest owner to another party in the Virgin Islands. This type of assignment specifically applies to a single lease and involves a stated percentage of the royalty interest. In the Virgin Islands, there are a few variations of the Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage: 1. Absolute Assignment: This type of assignment involves the complete transfer of the overriding royalty interest from the working interest owner to the assignee. The percentage stated in the agreement determines the assignee's portion of the royalty interest, and they become entitled to receive the specified percentage of future royalty payments. 2. Partial Assignment: In a partial assignment, the working interest owner transfers only a portion of the overriding royalty interest to the assignee. This allows the working interest owner to retain a percentage of the royalty interest while sharing the remaining percentage with the assignee. 3. Assignment for Consideration: This type of assignment involves the transfer of the overriding royalty interest from the working interest owner to the assignee in exchange for consideration, which could be a lump sum payment or other agreed-upon compensation. The stated percentage in the assignment determines the assignee's share of the future royalty payments. 4. Assignment for Deficit Elimination: In situations where the working interest owner is in deficit or owes a monetary amount to the assignee, an assignment for deficit elimination may be used. This type of assignment transfers a percentage of the overriding royalty interest to the assignee until the deficit is fully offset by the assignee's share of future royalty payments. It is important to note that the specific terms, conditions, and provisions of each Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage may vary depending on the parties involved and the agreement reached. Professional legal advice should always be sought when drafting or entering into such assignments to ensure compliance with local laws and regulations in the Virgin Islands.

The Virgin Islands Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage refers to a legal contract that transfers a portion of the overriding royalty interest from the working interest owner to another party in the Virgin Islands. This type of assignment specifically applies to a single lease and involves a stated percentage of the royalty interest. In the Virgin Islands, there are a few variations of the Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage: 1. Absolute Assignment: This type of assignment involves the complete transfer of the overriding royalty interest from the working interest owner to the assignee. The percentage stated in the agreement determines the assignee's portion of the royalty interest, and they become entitled to receive the specified percentage of future royalty payments. 2. Partial Assignment: In a partial assignment, the working interest owner transfers only a portion of the overriding royalty interest to the assignee. This allows the working interest owner to retain a percentage of the royalty interest while sharing the remaining percentage with the assignee. 3. Assignment for Consideration: This type of assignment involves the transfer of the overriding royalty interest from the working interest owner to the assignee in exchange for consideration, which could be a lump sum payment or other agreed-upon compensation. The stated percentage in the assignment determines the assignee's share of the future royalty payments. 4. Assignment for Deficit Elimination: In situations where the working interest owner is in deficit or owes a monetary amount to the assignee, an assignment for deficit elimination may be used. This type of assignment transfers a percentage of the overriding royalty interest to the assignee until the deficit is fully offset by the assignee's share of future royalty payments. It is important to note that the specific terms, conditions, and provisions of each Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage may vary depending on the parties involved and the agreement reached. Professional legal advice should always be sought when drafting or entering into such assignments to ensure compliance with local laws and regulations in the Virgin Islands.