Virgin Islands 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 Virgin Islands Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that allows for the transfer of a portion of the royalty interest in an oil or gas lease owned by the assignor to the assignee. This type of assignment typically applies specifically to the Virgin Islands region. In this assignment, the overriding royalty interest being transferred does not have an active production phase. Rather, it pertains to a lease that is currently not producing any oil or gas. Despite the absence of production, the assignor is granting the assignee the right to receive a portion of the royalties if production commences in the future. Furthermore, this assignment refers to a single lease, indicating that it involves only one specific lease agreement in the Virgin Islands. The assignor identifies this particular lease and its associated terms and conditions in the document. Additionally, the assignment explicitly reserves the right to pool the overriding royalty interest. "Pooling" refers to the practice of combining multiple oil or gas leases or mineral interests into a unit in order to optimize production efficiency. By reserving the right to pool, the assignor ensures that if pooling becomes advantageous or necessary in the future, the assignee's overriding royalty interest isn't excluded from the pooled unit. In terms of different types of Virgin Islands Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool), there may be variations based on specific lease arrangements, terms, or the assignor's individual preferences. Some additional types could include: 1. Virgin Islands Assignment of Overriding Royalty Interest (Non-Producing, Multiple Leases, Reserves Right to Pool): This type of assignment involves transferring royalty interests from multiple non-producing leases in the Virgin Islands while also reserving the right to pool if necessary. 2. Virgin Islands Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, No Right to Pool): In contrast to the aforementioned type, this assignment does not reserve the right to pool the overriding royalty interest. It solely focuses on the transfer of royalties from a specific non-producing lease. 3. Virgin Islands Assignment of Overriding Royalty Interest (Non-Producing, Multiple Leases, No Right to Pool): Similar to the previous example, this assignment involves transferring royalty interests from multiple non-producing leases but without the option to pool the overriding royalty interest. It is crucial to consult with legal professionals or experts experienced in oil and gas leases and assignments to draft and interpret a Virgin Islands Assignment of Overriding Royalty Interest accurately, as the specifics can vary depending on jurisdiction, lease terms, and individual circumstances.

A Virgin Islands Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal document that allows for the transfer of a portion of the royalty interest in an oil or gas lease owned by the assignor to the assignee. This type of assignment typically applies specifically to the Virgin Islands region. In this assignment, the overriding royalty interest being transferred does not have an active production phase. Rather, it pertains to a lease that is currently not producing any oil or gas. Despite the absence of production, the assignor is granting the assignee the right to receive a portion of the royalties if production commences in the future. Furthermore, this assignment refers to a single lease, indicating that it involves only one specific lease agreement in the Virgin Islands. The assignor identifies this particular lease and its associated terms and conditions in the document. Additionally, the assignment explicitly reserves the right to pool the overriding royalty interest. "Pooling" refers to the practice of combining multiple oil or gas leases or mineral interests into a unit in order to optimize production efficiency. By reserving the right to pool, the assignor ensures that if pooling becomes advantageous or necessary in the future, the assignee's overriding royalty interest isn't excluded from the pooled unit. In terms of different types of Virgin Islands Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool), there may be variations based on specific lease arrangements, terms, or the assignor's individual preferences. Some additional types could include: 1. Virgin Islands Assignment of Overriding Royalty Interest (Non-Producing, Multiple Leases, Reserves Right to Pool): This type of assignment involves transferring royalty interests from multiple non-producing leases in the Virgin Islands while also reserving the right to pool if necessary. 2. Virgin Islands Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, No Right to Pool): In contrast to the aforementioned type, this assignment does not reserve the right to pool the overriding royalty interest. It solely focuses on the transfer of royalties from a specific non-producing lease. 3. Virgin Islands Assignment of Overriding Royalty Interest (Non-Producing, Multiple Leases, No Right to Pool): Similar to the previous example, this assignment involves transferring royalty interests from multiple non-producing leases but without the option to pool the overriding royalty interest. It is crucial to consult with legal professionals or experts experienced in oil and gas leases and assignments to draft and interpret a Virgin Islands Assignment of Overriding Royalty Interest accurately, as the specifics can vary depending on jurisdiction, lease terms, and individual circumstances.