Washington Assignment of Carried Working Interest

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-300
• Format: Word; Rich Text

Description

This form is used when the Assignor grants, sells, and conveys to Assignee the Carried Interest in an oil and gas lease. Keywords: Washington, Assignment of Carried Working Interest, Types Detailed Description: Washington Assignment of Carried Working Interest refers to the legal transfer or assignment of the working interest in an oil, gas, or mineral lease to another party in the state of Washington. A working interest represents the ownership interest in the profits and losses generated from the operation and extraction of oil or gas. In this arrangement, one party (referred to as the assignor) agrees to transfer their working interest in the lease to another party (known as the assignee). The assignor relinquishes their right to receive revenues and benefits from the lease, while the assignee assumes the financial obligations and responsibilities associated with the working interest. There are different types of Washington Assignment of Carried Working Interest, including: 1. Full Assignment: A complete transfer of the assignor's working interest in the lease to the assignee. The assignee assumes all rights, obligations, and liabilities associated with the working interest, including operating costs and the undivided share of production. 2. Partial Assignment: In a partial assignment, the assignor transfers a specified portion or percentage of their working interest to the assignee. The assignee then becomes entitled to the corresponding share of the profits, losses, and production from the lease. 3. Temporary Assignment: Also known as a farm out agreement, a temporary assignment of carried working interest involves the transfer of working interest for a defined period or until a certain oil or gas reservoir is depleted. This type of assignment allows the assignee to participate in the development and subsequent production from the lease without assuming long-term obligations. 4. Permanent Assignment: A permanent assignment involves the complete and permanent transfer of the assigned working interest from the assignor to the assignee, with no expiration or time limits. This type of assignment is often seen when a party chooses to sell or divest its working interest in the lease. 5. Joint Operating Agreement (JOB) Assignment: A JOB assignment pertains to the transfer of working interest within the framework of a Joint Operating Agreement. A JOB is a legal agreement between two or more parties that outlines their rights, responsibilities, and obligations regarding the operation and management of the lease. In summary, Washington Assignment of Carried Working Interest involves the transfer of ownership and responsibilities associated with a working interest in an oil, gas, or mineral lease. Various types of assignments exist, including full, partial, temporary, permanent, and JOB assignments, depending on the specific circumstances and objectives of the parties involved.

Keywords: Washington, Assignment of Carried Working Interest, Types Detailed Description: Washington Assignment of Carried Working Interest refers to the legal transfer or assignment of the working interest in an oil, gas, or mineral lease to another party in the state of Washington. A working interest represents the ownership interest in the profits and losses generated from the operation and extraction of oil or gas. In this arrangement, one party (referred to as the assignor) agrees to transfer their working interest in the lease to another party (known as the assignee). The assignor relinquishes their right to receive revenues and benefits from the lease, while the assignee assumes the financial obligations and responsibilities associated with the working interest. There are different types of Washington Assignment of Carried Working Interest, including: 1. Full Assignment: A complete transfer of the assignor's working interest in the lease to the assignee. The assignee assumes all rights, obligations, and liabilities associated with the working interest, including operating costs and the undivided share of production. 2. Partial Assignment: In a partial assignment, the assignor transfers a specified portion or percentage of their working interest to the assignee. The assignee then becomes entitled to the corresponding share of the profits, losses, and production from the lease. 3. Temporary Assignment: Also known as a farm out agreement, a temporary assignment of carried working interest involves the transfer of working interest for a defined period or until a certain oil or gas reservoir is depleted. This type of assignment allows the assignee to participate in the development and subsequent production from the lease without assuming long-term obligations. 4. Permanent Assignment: A permanent assignment involves the complete and permanent transfer of the assigned working interest from the assignor to the assignee, with no expiration or time limits. This type of assignment is often seen when a party chooses to sell or divest its working interest in the lease. 5. Joint Operating Agreement (JOB) Assignment: A JOB assignment pertains to the transfer of working interest within the framework of a Joint Operating Agreement. A JOB is a legal agreement between two or more parties that outlines their rights, responsibilities, and obligations regarding the operation and management of the lease. In summary, Washington Assignment of Carried Working Interest involves the transfer of ownership and responsibilities associated with a working interest in an oil, gas, or mineral lease. Various types of assignments exist, including full, partial, temporary, permanent, and JOB assignments, depending on the specific circumstances and objectives of the parties involved.