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 ).
Travis Texas Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal term that relates to the transfer of rights and interests in an oil and gas lease in Travis County, Texas. This assignment specifically pertains to the conveying of overriding royalty interests (ORRIS) associated with a single lease. In the oil and gas industry, an ORRIS is a percentage or fraction of the revenues generated from the production of oil and gas from a particular lease. The assignment of ORRIS involves the transfer of these rights from one party to another, which grants the new owner a proportionate share of the revenues generated. The purpose of a Travis Texas Assignment of Overriding Royalty Interest for Single Lease — Proportionate Reduction is to establish the proportional reduction in the assigned ORRIS. This reduction typically occurs when there are multiple parties involved in the ownership of the ORRIS, and the total ORRIS share needs to be divided proportionately among them. It is important to note that there may be different types of Travis Texas Assignment of Overriding Royalty Interest for Single Lease — Proportionate Reduction, depending on the specific terms and conditions outlined in the lease agreement. Some key variations may include: 1. Graduated Proportionate Reduction: In this type of assignment, the reduction in ORRIS is structured based on a graduated scale, where the percentage of reduction changes over time or based on specific production milestones. 2. Equal Proportionate Reduction: This type of assignment ensures that all parties involved in the ORRIS ownership receive an equal reduction, dividing the remaining ORRIS proportionately among them. 3. Negotiated Proportionate Reduction: Sometimes, the parties involved in the assignment may negotiate customized terms for the proportionate reduction, taking into account their individual circumstances and preferences. Overall, the Travis Texas Assignment of Overriding Royalty Interest for Single Lease — Proportionate Reduction is a crucial legal document that facilitates the transfer of rights and interests related to ORRIS in Travis County, Texas. Its purpose is to establish a fair and equitable division of the assigned ORRIS among multiple parties involved in the ownership.Travis Texas Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal term that relates to the transfer of rights and interests in an oil and gas lease in Travis County, Texas. This assignment specifically pertains to the conveying of overriding royalty interests (ORRIS) associated with a single lease. In the oil and gas industry, an ORRIS is a percentage or fraction of the revenues generated from the production of oil and gas from a particular lease. The assignment of ORRIS involves the transfer of these rights from one party to another, which grants the new owner a proportionate share of the revenues generated. The purpose of a Travis Texas Assignment of Overriding Royalty Interest for Single Lease — Proportionate Reduction is to establish the proportional reduction in the assigned ORRIS. This reduction typically occurs when there are multiple parties involved in the ownership of the ORRIS, and the total ORRIS share needs to be divided proportionately among them. It is important to note that there may be different types of Travis Texas Assignment of Overriding Royalty Interest for Single Lease — Proportionate Reduction, depending on the specific terms and conditions outlined in the lease agreement. Some key variations may include: 1. Graduated Proportionate Reduction: In this type of assignment, the reduction in ORRIS is structured based on a graduated scale, where the percentage of reduction changes over time or based on specific production milestones. 2. Equal Proportionate Reduction: This type of assignment ensures that all parties involved in the ORRIS ownership receive an equal reduction, dividing the remaining ORRIS proportionately among them. 3. Negotiated Proportionate Reduction: Sometimes, the parties involved in the assignment may negotiate customized terms for the proportionate reduction, taking into account their individual circumstances and preferences. Overall, the Travis Texas Assignment of Overriding Royalty Interest for Single Lease — Proportionate Reduction is a crucial legal document that facilitates the transfer of rights and interests related to ORRIS in Travis County, Texas. Its purpose is to establish a fair and equitable division of the assigned ORRIS among multiple parties involved in the ownership.
