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

• Category: Oil Gas and Minerals - Leases
• State: Multi-State
• County: Travis
• 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. Travis Texas Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment) is a legal document that outlines the transfer of partial ownership rights and financial interests in an oil and gas lease in Travis County, Texas. This type of assignment typically involves the reservation of a production payment, where the assignor retains the right to receive a certain percentage or share of the production revenue. In Travis County, Texas, there are various types of partial assignments of oil and gas leases that can be made, depending on the specific terms and conditions agreed upon by the parties involved: 1. Partial Assignment of Oil and Gas Lease: This type of assignment involves the transfer of a partial interest in the oil and gas lease, granting the assignee the right to share in the production revenue generated from the leased property. The assignor may retain a certain percentage of interest while transferring the remaining interest to the assignee. 2. Reservation of Production Payment: In this type of partial assignment, the assignor reserves the right to receive a portion of the production revenue as a production payment. This means that even after transferring a partial interest in the lease, the assignor continues to receive a certain percentage or amount of the revenue generated from the production activities on the leased property. 3. Assignment of Overriding Royalty Interest: While not specifically mentioned in the assignment type, a Travis Texas Partial Assignment of Oil and Gas Lease may also involve the transfer of an overriding royalty interest (ORRIS). An ORRIS is a limited, non-operating interest that entitles the assignee to receive a percentage of the revenue generated from the lease, typically free of production costs. 4. Assignment of Working Interest: Another possible variation is the assignment of a partial working interest. Working interest refers to the percentage of ownership in the lease that bears the costs of exploration, development, and operations. By assigning a partial working interest, the assignee becomes responsible for a portion of these costs and is entitled to a corresponding percentage of the revenue generated. In summary, a Travis Texas Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment) involves the transfer of partial ownership rights in an oil and gas lease in Travis County, Texas, along with the reservation of a production payment. There may be variations in the specific terms of the assignment, such as the type of interest transferred (working interest or overriding royalty interest). The document plays a crucial role in legally documenting the rights and interests of both the assignor and assignee in relation to the lease and revenue generated from the production activities on the leased property.

Travis Texas Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment) is a legal document that outlines the transfer of partial ownership rights and financial interests in an oil and gas lease in Travis County, Texas. This type of assignment typically involves the reservation of a production payment, where the assignor retains the right to receive a certain percentage or share of the production revenue. In Travis County, Texas, there are various types of partial assignments of oil and gas leases that can be made, depending on the specific terms and conditions agreed upon by the parties involved: 1. Partial Assignment of Oil and Gas Lease: This type of assignment involves the transfer of a partial interest in the oil and gas lease, granting the assignee the right to share in the production revenue generated from the leased property. The assignor may retain a certain percentage of interest while transferring the remaining interest to the assignee. 2. Reservation of Production Payment: In this type of partial assignment, the assignor reserves the right to receive a portion of the production revenue as a production payment. This means that even after transferring a partial interest in the lease, the assignor continues to receive a certain percentage or amount of the revenue generated from the production activities on the leased property. 3. Assignment of Overriding Royalty Interest: While not specifically mentioned in the assignment type, a Travis Texas Partial Assignment of Oil and Gas Lease may also involve the transfer of an overriding royalty interest (ORRIS). An ORRIS is a limited, non-operating interest that entitles the assignee to receive a percentage of the revenue generated from the lease, typically free of production costs. 4. Assignment of Working Interest: Another possible variation is the assignment of a partial working interest. Working interest refers to the percentage of ownership in the lease that bears the costs of exploration, development, and operations. By assigning a partial working interest, the assignee becomes responsible for a portion of these costs and is entitled to a corresponding percentage of the revenue generated. In summary, a Travis Texas Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment) involves the transfer of partial ownership rights in an oil and gas lease in Travis County, Texas, along with the reservation of a production payment. There may be variations in the specific terms of the assignment, such as the type of interest transferred (working interest or overriding royalty interest). The document plays a crucial role in legally documenting the rights and interests of both the assignor and assignee in relation to the lease and revenue generated from the production activities on the leased property.