West Virginia Assignment of Production Payment Measured by Quantity of Production

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-293
• Format: Word; Rich Text

Description

This form is used when the Assignor transfers, assigns and conveys to Assignee a production payment measured by the quantity of production. West Virginia Assignment of Production Payment Measured by Quantity of Production is a legal document that allows an individual or company to assign their rights to receive production payments based on the quantity of production from a specific oil or gas well in the state of West Virginia. This assignment agreement is commonly used in the oil and gas industry and is designed to transfer ownership or interest in the production payment to another party. The payment is determined by the volume of oil or gas produced from the well, usually measured in barrels for oil and cubic feet for gas. The West Virginia Assignment of Production Payment Measured by Quantity of Production can be divided into two main types: 1. Absolute Assignment: This type of assignment transfers all the rights, title, and interest in the production payment to the assignee without any conditions or limitations. The assignee becomes the new owner of the production payment and assumes all responsibilities and liabilities associated with it. 2. Conditional Assignment: In this type of assignment, the transfer of the production payment is subject to certain conditions or limitations. These conditions can include the assignee's performance obligations or specific event triggers that need to be met before the payment is transferred. Keywords: West Virginia, Assignment of Production Payment, Quantity of Production, oil and gas industry, ownership transfer, volume of production, barrels, cubic feet, absolute assignment, conditional assignment, rights, title, interest, assignee, payment transfer, responsibilities, liabilities, performance obligations, specific event triggers.

West Virginia Assignment of Production Payment Measured by Quantity of Production is a legal document that allows an individual or company to assign their rights to receive production payments based on the quantity of production from a specific oil or gas well in the state of West Virginia. This assignment agreement is commonly used in the oil and gas industry and is designed to transfer ownership or interest in the production payment to another party. The payment is determined by the volume of oil or gas produced from the well, usually measured in barrels for oil and cubic feet for gas. The West Virginia Assignment of Production Payment Measured by Quantity of Production can be divided into two main types: 1. Absolute Assignment: This type of assignment transfers all the rights, title, and interest in the production payment to the assignee without any conditions or limitations. The assignee becomes the new owner of the production payment and assumes all responsibilities and liabilities associated with it. 2. Conditional Assignment: In this type of assignment, the transfer of the production payment is subject to certain conditions or limitations. These conditions can include the assignee's performance obligations or specific event triggers that need to be met before the payment is transferred. Keywords: West Virginia, Assignment of Production Payment, Quantity of Production, oil and gas industry, ownership transfer, volume of production, barrels, cubic feet, absolute assignment, conditional assignment, rights, title, interest, assignee, payment transfer, responsibilities, liabilities, performance obligations, specific event triggers.