Harris Texas Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment)

• Category: Oil Gas and Minerals - Leases
• State: Multi-State
• County: Harris
• Control #: US-OG-1075
• Format: Word; Rich Text

Description

This form is a partial assignment of an oil and gas producing lease for reservation of production payment. The Harris Texas Partial Assignment of Oil and Gas Lease refers to a legal document involving the transfer of a portion of the rights and interests in an existing oil and gas lease located in Harris County, Texas. This assignment typically occurs when the original leaseholder wishes to sell or transfer a part of their leasehold interest to another party. The producing lease aspect of this assignment means that the assigned portion of the lease is currently in the production phase, meaning it is actively extracting oil or gas from the designated area. This makes the assignment even more valuable as it involves an already established and operational production. Furthermore, the reservation of production payment refers to the arrangement made between the assignor (the original leaseholder) and the assignee (the buyer or transferee of the lease) regarding the terms of payment for the assigned portion of the production. This reservation outlines the specific share or percentage of future production revenues that the assignor will retain as payment for assigning the lease. There can be different types or variations of the Harris Texas Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment), including: 1. Partial Assignment with a fixed percentage of production payment reservation: In this type of assignment, the assignor retains a fixed percentage of future production revenues from the assigned portion of the lease. For example, the assignor may retain 25% of the assigned portion's production revenues. 2. Partial Assignment with a fixed amount of production payment reservation: In this variation, the assignor reserves a specific monetary amount from the production revenues generated by the assigned lease. This reserved amount remains fixed irrespective of the actual production levels. 3. Partial Assignment with an escalating production payment reservation: This type of assignment involves a reservation that increases over time. The assignor may start with a lower reserved percentage or amount initially, but it gradually increases as the production from the assigned lease grows, providing the assignor with a higher percentage or amount of the subsequent production revenues. 4. Partial Assignment with subsequent reassignment rights: In certain cases, the original assignor may reserve the right to reassign the assigned portion of the lease to another party in the future. This variation allows for flexibility and potential future transactions involving the assigned leasehold interest. Overall, the Harris Texas Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment) is a legal instrument that enables the transfer of a part of a producing oil and gas lease in Harris County, Texas, while outlining specific arrangements for the assignor's reserved share of future production revenues.

The Harris Texas Partial Assignment of Oil and Gas Lease refers to a legal document involving the transfer of a portion of the rights and interests in an existing oil and gas lease located in Harris County, Texas. This assignment typically occurs when the original leaseholder wishes to sell or transfer a part of their leasehold interest to another party. The producing lease aspect of this assignment means that the assigned portion of the lease is currently in the production phase, meaning it is actively extracting oil or gas from the designated area. This makes the assignment even more valuable as it involves an already established and operational production. Furthermore, the reservation of production payment refers to the arrangement made between the assignor (the original leaseholder) and the assignee (the buyer or transferee of the lease) regarding the terms of payment for the assigned portion of the production. This reservation outlines the specific share or percentage of future production revenues that the assignor will retain as payment for assigning the lease. There can be different types or variations of the Harris Texas Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment), including: 1. Partial Assignment with a fixed percentage of production payment reservation: In this type of assignment, the assignor retains a fixed percentage of future production revenues from the assigned portion of the lease. For example, the assignor may retain 25% of the assigned portion's production revenues. 2. Partial Assignment with a fixed amount of production payment reservation: In this variation, the assignor reserves a specific monetary amount from the production revenues generated by the assigned lease. This reserved amount remains fixed irrespective of the actual production levels. 3. Partial Assignment with an escalating production payment reservation: This type of assignment involves a reservation that increases over time. The assignor may start with a lower reserved percentage or amount initially, but it gradually increases as the production from the assigned lease grows, providing the assignor with a higher percentage or amount of the subsequent production revenues. 4. Partial Assignment with subsequent reassignment rights: In certain cases, the original assignor may reserve the right to reassign the assigned portion of the lease to another party in the future. This variation allows for flexibility and potential future transactions involving the assigned leasehold interest. Overall, the Harris Texas Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment) is a legal instrument that enables the transfer of a part of a producing oil and gas lease in Harris County, Texas, while outlining specific arrangements for the assignor's reserved share of future production revenues.