Washington Assignment of Overriding Royalty Interest For A Term of Years

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-289
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease and Land for a specified term. A Washington Assignment of Overriding Royalty Interest For A Term of Years is a legal document that allows parties to transfer their rights to receive overriding royalty interests (ORI's) for a specific period of time in Washington state. This type of assignment is commonly used in the oil and gas industry, where ORI's represent a share of revenue generated from the production of a specific well or lease. The Washington Assignment of Overriding Royalty Interest For A Term of Years outlines the terms and conditions under which the assignment is made. It includes crucial details such as the parties involved, the effective date, the duration of the assignment, and the specific overriding royalty interests being transferred. In Washington, there may be different types of Assignments of Overriding Royalty Interest For A Term of Years, depending on the underlying agreement or arrangement between the parties involved. Some common variations include: 1. Partial Assignment: This type of assignment allows the transfer of only a portion or percentage of the overriding royalty interests to another party, while retaining ownership of the remaining interests. 2. Transfer of Term: This variation involves the transfer of the rights to receive overriding royalty interests in a specific term, which may be a fixed number of years or based on the occurrence of certain events. Once the assigned term expires, the ORI's revert to the original owner. 3. Assignment with Limitations: In certain cases, parties may include limitations or restrictions on the use or transferability of the overriding royalty interests. This could include restrictions related to use on specific wells or leases, geographical limitations, or limitations on the percentage that can be assigned. It is essential for all parties involved to clearly understand the terms and implications of the Washington Assignment of Overriding Royalty Interest For A Term of Years. Seeking legal counsel or professional advice is highly recommended ensuring compliance with Washington state laws and to protect the interests of all involved parties.

A Washington Assignment of Overriding Royalty Interest For A Term of Years is a legal document that allows parties to transfer their rights to receive overriding royalty interests (ORI's) for a specific period of time in Washington state. This type of assignment is commonly used in the oil and gas industry, where ORI's represent a share of revenue generated from the production of a specific well or lease. The Washington Assignment of Overriding Royalty Interest For A Term of Years outlines the terms and conditions under which the assignment is made. It includes crucial details such as the parties involved, the effective date, the duration of the assignment, and the specific overriding royalty interests being transferred. In Washington, there may be different types of Assignments of Overriding Royalty Interest For A Term of Years, depending on the underlying agreement or arrangement between the parties involved. Some common variations include: 1. Partial Assignment: This type of assignment allows the transfer of only a portion or percentage of the overriding royalty interests to another party, while retaining ownership of the remaining interests. 2. Transfer of Term: This variation involves the transfer of the rights to receive overriding royalty interests in a specific term, which may be a fixed number of years or based on the occurrence of certain events. Once the assigned term expires, the ORI's revert to the original owner. 3. Assignment with Limitations: In certain cases, parties may include limitations or restrictions on the use or transferability of the overriding royalty interests. This could include restrictions related to use on specific wells or leases, geographical limitations, or limitations on the percentage that can be assigned. It is essential for all parties involved to clearly understand the terms and implications of the Washington Assignment of Overriding Royalty Interest For A Term of Years. Seeking legal counsel or professional advice is highly recommended ensuring compliance with Washington state laws and to protect the interests of all involved parties.