This form is used when an Assignor transfers and assigns to Assignee all of Assignors rights, title, and interests in and to the described oil and gas lease or leases only insofar as the Leases cover and include the oil, gas, casinghead gas and other liquid, gaseous or vaporous substances in, under, and which may be produced from the described lands.
West Virginia Term Assignment and Agreement for Nonproducing Portion of HBP Leases
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US-OG-226
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How to fill out West Virginia Term Assignment And Agreement For Nonproducing Portion Of HBP Leases?
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FAQ
As used in an oil & gas lease, the habendum clause sets out the duration of a lease, usually a specified number of years called the primary term, during which the lease remains in effect even if there is no production in paying quantities.
What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.
The habendum clause is a clause in deed or lease contracts that defines the lessee's rights, types of interest, and other details of ownership. Consisting of basic legal language, they are included in real estate and mineral rights agreements to provide a clear understanding of the contractual terms.
Wellbore. An assignment can be limited to the wellbore of a well. A wellbore limitation means that the assignor is assigning only those rights to production from the wellbore of a certain well, arguably at the total depth it existed at the time of the assignment.
ASSIGNMENT: The legal instrument whereby Oil and Gas Leases or Overriding Royalty interests are assigned or conveyed. ASSIGNMENT CLAUSE: A clause in any legal instrument that allows either party to the contract to assign all or part of his or her interest to others.
8/8ths / 8/8ths Basis: a term used to describe either the full Working Interest or full Net Revenue Interest with respect to a given Tract. Pursuant to an Oil and Gas Lease, the Lessor retains the Lessor Royalty.
A good indemnification clause should be negotiated to make the oil and gas company responsible for defending and indemnifying the landowner should a claim be brought due to the operations or activities of the oil and gas company.
A clause in an oil & gas lease that provides that if the leased land is later owned by separate parties, such as in a sale of part of the property, the lessee can continue to operate, develop, and treat the lease as a whole and pay royalties to each owner based on its percentage of ownership of the entire area.