This form is used when an Assignor assigns, transfers, and conveys to Assignee an overriding royalty interest in the Lease and all of the oil and gas produced, saved and marketed from the Lease, out of the interest owned by Assignor, with proportionate reduction (the Override ).
Maricopa, Arizona is a vibrant city located in the southern part of the state. Known for its rich history, stunning landscapes, and thriving community, Maricopa offers a unique blend of small-town charm and modern amenities. In the field of oil and gas operations, an Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction refers to a legal agreement that allows a party (the assignor) to transfer a portion of the overriding royalty interest they hold in a lease to another party (the assignee) in Maricopa, Arizona. This assignment can be done proportionally, meaning that the assignor will transfer a specific percentage or fraction of their ownership rights to the assignee. The Assignment of Overriding Royalty Interest is commonly used in the oil and gas industry to share the benefits and income generated from a lease. By transferring a proportionate reduction of their overriding royalty interest, the assignor grants the assignee the right to receive a portion of the revenue generated by the lease, typically in exchange for compensation. There may be different types of Maricopa, Arizona Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction, including partial assignments, where the assignor transfers only a percentage of their royalty interest, and fractional assignments, where the assignor transfers a fraction of their ownership rights. In both cases, the assignee will inherit the assigned royalty interest and will be entitled to the corresponding share of income generated from the lease. It is crucial for parties involved in such assignments to carefully review and understand the terms and conditions stated in the Assignment of Overriding Royalty Interest agreement. This includes details such as the specific proportion or percentage being assigned, the compensation or consideration being exchanged, and any limitations or restrictions on the assignee's rights. In conclusion, Maricopa, Arizona is not only a picturesque city but also an important hub for oil and gas operations. The Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal arrangement that allows the transfer of a portion of the assignor's ownership rights to the assignee. It is essential for all parties involved to thoroughly understand the terms of this agreement to ensure a smooth and fair transaction.
