Travis Texas Assignment and Conveyance of Overriding Royalty Interest

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: Travis
• Control #: US-OG-280
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee all of Assignor's overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease. Travis Texas Assignment and Conveyance of Overriding Royalty Interest is a legal document that outlines the transfer of an interest in the form of overriding royalty from one party to another within the context of the Travis County, Texas jurisdiction. This document is commonly used in the oil and gas industry where overriding royalty interests can be assigned or conveyed for various reasons. An overriding royalty interest (ORRIS) refers to the interest held by an individual or entity, separate from the working interest owner, in the production of minerals from a particular property or lease. It is generally expressed as a percentage of production, entitling the ORRIS holder to a portion of the revenue generated through the extraction and sale of minerals. In a Travis Texas Assignment and Conveyance of Overriding Royalty Interest, the parties involved agree on the terms of transferring or assigning the ORRIS from the assignor (current holder) to the assignee (new holder). The document must contain precise details regarding the interest being conveyed, such as the specific property or lease, the exact percentage of overriding royalty interest, and any other provisions or restrictions related to the transfer. Various types of Travis Texas Assignment and Conveyance of Overriding Royalty Interest can occur depending on the specific conditions and agreements between the parties involved. Some common types include: 1. Partial Assignment: In this case, only a portion or fraction of the overriding royalty interest is transferred to the assignee, ensuring that the assignor retains some interest in the production. 2. Full Assignment: Here, the entire overriding royalty interest is conveyed to the assignee, leaving no interest with the assignor. 3. Temporary Assignment: This type of assignment grants the assignee temporary ownership of the overriding royalty interest for a specified period. After the agreed-upon period, the interest reverts to the assignor. 4. Permanent Assignment: The assignee acquires permanent ownership of the overriding royalty interest with no provision for reverting it back to the assignor. It is imperative that all Travis Texas Assignment and Conveyance of Overriding Royalty Interest agreements comply with applicable state laws, regulations, and industry standards to ensure their validity and enforceability. Parties involved should seek legal counsel to draft comprehensive and accurate documents that protect their interests during the transfer process.

Travis Texas Assignment and Conveyance of Overriding Royalty Interest is a legal document that outlines the transfer of an interest in the form of overriding royalty from one party to another within the context of the Travis County, Texas jurisdiction. This document is commonly used in the oil and gas industry where overriding royalty interests can be assigned or conveyed for various reasons. An overriding royalty interest (ORRIS) refers to the interest held by an individual or entity, separate from the working interest owner, in the production of minerals from a particular property or lease. It is generally expressed as a percentage of production, entitling the ORRIS holder to a portion of the revenue generated through the extraction and sale of minerals. In a Travis Texas Assignment and Conveyance of Overriding Royalty Interest, the parties involved agree on the terms of transferring or assigning the ORRIS from the assignor (current holder) to the assignee (new holder). The document must contain precise details regarding the interest being conveyed, such as the specific property or lease, the exact percentage of overriding royalty interest, and any other provisions or restrictions related to the transfer. Various types of Travis Texas Assignment and Conveyance of Overriding Royalty Interest can occur depending on the specific conditions and agreements between the parties involved. Some common types include: 1. Partial Assignment: In this case, only a portion or fraction of the overriding royalty interest is transferred to the assignee, ensuring that the assignor retains some interest in the production. 2. Full Assignment: Here, the entire overriding royalty interest is conveyed to the assignee, leaving no interest with the assignor. 3. Temporary Assignment: This type of assignment grants the assignee temporary ownership of the overriding royalty interest for a specified period. After the agreed-upon period, the interest reverts to the assignor. 4. Permanent Assignment: The assignee acquires permanent ownership of the overriding royalty interest with no provision for reverting it back to the assignor. It is imperative that all Travis Texas Assignment and Conveyance of Overriding Royalty Interest agreements comply with applicable state laws, regulations, and industry standards to ensure their validity and enforceability. Parties involved should seek legal counsel to draft comprehensive and accurate documents that protect their interests during the transfer process.