Kings New York Assignment of Oil and Gas Leases with Reservation of Overriding Royalty Interest Before Payout, and A Back-In Working Interest After Payout is a contractual agreement within the oil and gas industry that involves the transfer of rights and interests in the exploration, development, and production of oil and gas reserves located in Kings County, New York. This type of agreement provides a comprehensive understanding of the parties involved and the terms and conditions associated with the lease assignment. The primary feature of this assignment is the reservation of an overriding royalty interest (ORRIS) before the lessee attains the payout threshold. An ORRIS grants the assignor a specified percentage of the oil and gas production revenue generated from the leased properties. This means that before the operator recovers its costs and reaches the defined payout amount, a portion of the revenue will be allocated to the assignor as a royalty. After the payout threshold is reached, the Kings New York Assignment of Oil and Gas Leases may include a provision for a back-in working interest (KIWI) for the assignor. A KIWI grants the assignor the right to reclaim a certain percentage of the working interest, allowing them to participate in the management, decision-making, and potential profits of ongoing operations. Different types or variations of Kings New York Assignment of Oil and Gas Leases with Reservation of Overriding Royalty Interest Before Payout, and A Back-In Working Interest After Payout may exist. These could include agreements with varying ORRIS percentages, KIWI percentages, payout thresholds, and specific terms and conditions tailored to the needs and preferences of the parties involved. However, the ultimate goal remains the same: to outline an equitable arrangement for the transfer of oil and gas lease rights while protecting the interests of all parties involved.
Kings New York Assignment of Oil and Gas Leases with Reservation of Overriding Royalty Interest Before Payout, and A Back-In Working Interest After Payout
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