King Washington Assignment of Overriding Royalty Interest - Short Form

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: King
• Control #: US-OG-031
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee all of Assignor's overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease and Land. King Washington Assignment of Overriding Royalty Interest — Short Form is a legal document that transfers the rights to receive royalties from an oil or gas lease to another party. This assignment is a common practice in the energy industry, allowing companies to buy and sell interests in oil and gas leases to capitalize on potential profits. The assignment can come in different variations, depending on the specific terms and conditions outlined in the agreement. The Assignment of Overriding Royalty Interest refers to the transfer of a specific portion of the royalties received from the production of oil or gas. This interest is known as an "overriding royalty interest" because it is separate from the working interest, which denotes the ownership and operational rights of the lease. The overriding royalty interest is created by carving out a percentage or fraction of the total revenue generated from the lease. The "short form" aspect of the assignment refers to a simplified version of the legal document, which may condense or omit certain sections of a comprehensive assignment. It is commonly used when the parties involved are already familiar with the terms and conditions, or when the assignment is a part of a bigger transaction. The short form assignment typically includes essential information such as the names of the assignor and assignee, a detailed description of the lease, the assigned interest percentage, and any necessary legal provisions. Keywords: King Washington, Assignment of Overriding Royalty Interest — Short Form, oil and gas lease, royalties, energy industry, assignor, assignee, working interest, overriding royalty interest, short form assignment, legal document.

King Washington Assignment of Overriding Royalty Interest — Short Form is a legal document that transfers the rights to receive royalties from an oil or gas lease to another party. This assignment is a common practice in the energy industry, allowing companies to buy and sell interests in oil and gas leases to capitalize on potential profits. The assignment can come in different variations, depending on the specific terms and conditions outlined in the agreement. The Assignment of Overriding Royalty Interest refers to the transfer of a specific portion of the royalties received from the production of oil or gas. This interest is known as an "overriding royalty interest" because it is separate from the working interest, which denotes the ownership and operational rights of the lease. The overriding royalty interest is created by carving out a percentage or fraction of the total revenue generated from the lease. The "short form" aspect of the assignment refers to a simplified version of the legal document, which may condense or omit certain sections of a comprehensive assignment. It is commonly used when the parties involved are already familiar with the terms and conditions, or when the assignment is a part of a bigger transaction. The short form assignment typically includes essential information such as the names of the assignor and assignee, a detailed description of the lease, the assigned interest percentage, and any necessary legal provisions. Keywords: King Washington, Assignment of Overriding Royalty Interest — Short Form, oil and gas lease, royalties, energy industry, assignor, assignee, working interest, overriding royalty interest, short form assignment, legal document.