Lima, Arizona Assignment of Oil and Gas Leases with Reservation of Overriding Royalty Interest Before Payout, and A Back-In Working Interest After Payout is a legal agreement that involves the transfer of oil and gas leases in Lima, Arizona, along with the reservation of specific rights for the assignor. This type of assignment allows the assignor to retain an overriding royalty interest, which refers to a percentage of the gross revenue generated from the production and sale of oil and gas on the leased property. This overriding royalty interest is reserved by the assignor until the assignment reaches a specific milestone known as "payout." Payout typically occurs when the lessee recovers the capital investment made in drilling and operating the well. After payout, the assignment also includes a provision for the assignor to obtain a back-in working interest. This means that the assignor has the option to regain a percentage of the working interest in the leased property after the lessee has recovered the investment made. The specific percentage and terms for the back-in working interest may vary depending on the agreement. It is important to note that there may be different variations or types of Lima, Arizona Assignment of Oil and Gas Leases with Reservation of Overriding Royalty Interest Before Payout, and A Back-In Working Interest After Payout. Some of these variations may include different payout thresholds, varying percentages for the overriding royalty interest, and distinct conditions for the back-in working interest. Lima, Arizona, being an area known for its oil and gas reserves, attracts significant industry interest. Therefore, understanding the details of the assignment agreement and its variations is crucial for both the assignor and the assignee. Professional legal advice is often sought to negotiate and draft such agreements to protect the interests of all parties involved.
Pima Arizona 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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