West Virginia Assignment of Overriding Royalty Interest Limited As to Depth

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-290
• 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, which is limited to depth. West Virginia Assignment of Overriding Royalty Interest Limited As to Depth is a legal document that outlines the transfer of overriding royalty interests on an oil and gas lease, specifically limited to a certain depth or depths. This agreement is commonly used in the energy industry to define and limit the extent of royalty interests conveyed from one party to another in the state of West Virginia. One type of West Virginia Assignment of Overriding Royalty Interest Limited As to Depth is the "Vertical Assignment." In this case, the assignment only applies to a specific vertical depth range, often defined by the geological formations or strata targeted for oil and gas exploration and production. For instance, the overriding royalty interest may be limited to depths below a certain formation, ensuring that the assignee's interests are focused on specific reservoirs. Another type is the "Horizontal Assignment," which limits the overriding royalty interest to a particular horizontal section within the lease. This may be relevant in situations where the lease covers multiple formations, and the assignor only wishes to convey royalty rights for a specific portion of the lease area. The West Virginia Assignment of Overriding Royalty Interest Limited As to Depth typically includes various key elements and provisions. Firstly, it identifies the parties involved — the assignor (the party transferring the interest) and the assignee (the party receiving the interest). The document specifies the overriding royalty interest being assigned and describes the limitation to depths or sections. Additionally, the agreement outlines the consideration or compensation being exchanged for the assignment, as well as any terms related to payment, such as royalty rates and payment methods. It may also include provisions regarding the assignment's duration, whether the limitation lasts for a specific term or until specific events occur. Furthermore, the document might cover representations and warranties made by both parties, confirming their rights to enter into the assignment and that the overriding royalty interest being assigned is free from any encumbrances or obligations. The assignor may provide assurances that they have not previously assigned the same interest to another party. To ensure the enforceability of the agreement, provisions related to default, remedies, arbitration, and governing law are typically included. These clauses establish the steps to be taken in case of a breach of contract or disagreement between the parties. In conclusion, the West Virginia Assignment of Overriding Royalty Interest Limited As to Depth is a crucial legal document in the energy industry, facilitating the transfer of royalty interests while specifying the extent of those interests in terms of depth or sections. Understanding the different types and provisions within this assignment is vital for parties involved in oil and gas leasing activities in West Virginia.

West Virginia Assignment of Overriding Royalty Interest Limited As to Depth is a legal document that outlines the transfer of overriding royalty interests on an oil and gas lease, specifically limited to a certain depth or depths. This agreement is commonly used in the energy industry to define and limit the extent of royalty interests conveyed from one party to another in the state of West Virginia. One type of West Virginia Assignment of Overriding Royalty Interest Limited As to Depth is the "Vertical Assignment." In this case, the assignment only applies to a specific vertical depth range, often defined by the geological formations or strata targeted for oil and gas exploration and production. For instance, the overriding royalty interest may be limited to depths below a certain formation, ensuring that the assignee's interests are focused on specific reservoirs. Another type is the "Horizontal Assignment," which limits the overriding royalty interest to a particular horizontal section within the lease. This may be relevant in situations where the lease covers multiple formations, and the assignor only wishes to convey royalty rights for a specific portion of the lease area. The West Virginia Assignment of Overriding Royalty Interest Limited As to Depth typically includes various key elements and provisions. Firstly, it identifies the parties involved — the assignor (the party transferring the interest) and the assignee (the party receiving the interest). The document specifies the overriding royalty interest being assigned and describes the limitation to depths or sections. Additionally, the agreement outlines the consideration or compensation being exchanged for the assignment, as well as any terms related to payment, such as royalty rates and payment methods. It may also include provisions regarding the assignment's duration, whether the limitation lasts for a specific term or until specific events occur. Furthermore, the document might cover representations and warranties made by both parties, confirming their rights to enter into the assignment and that the overriding royalty interest being assigned is free from any encumbrances or obligations. The assignor may provide assurances that they have not previously assigned the same interest to another party. To ensure the enforceability of the agreement, provisions related to default, remedies, arbitration, and governing law are typically included. These clauses establish the steps to be taken in case of a breach of contract or disagreement between the parties. In conclusion, the West Virginia Assignment of Overriding Royalty Interest Limited As to Depth is a crucial legal document in the energy industry, facilitating the transfer of royalty interests while specifying the extent of those interests in terms of depth or sections. Understanding the different types and provisions within this assignment is vital for parties involved in oil and gas leasing activities in West Virginia.