Kings New York Assignment of Overriding Royalty Interest with Proportionate Reduction

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: Kings
• Control #: US-OG-282
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in a lease which may be proportionately reduced. Keywords: Kings New York, Assignment, Overriding Royalty Interest, Proportionate Reduction Description: The Kings New York Assignment of Overriding Royalty Interest with Proportionate Reduction refers to a legal agreement involving the transfer of overriding royalty interests in oil and gas leases in the state of New York. This agreement allows the assignor to transfer their right to receive a portion of the revenues generated from the production and extraction of oil and gas to the assignee. The overriding royalty interest is a non-operating interest that is separate from the working interest in the oil and gas lease. It entitles the holder to a percentage of the gross production or revenues from the lease, free of the costs associated with production. The Kings New York Assignment of Overriding Royalty Interest with Proportionate Reduction deals with the assignment of this interest in one party to another. In some cases, there may be different types or variations of the Kings New York Assignment of Overriding Royalty Interest with Proportionate Reduction. These may include: 1. Partial Assignment: This type of assignment involves transferring only a portion of the overriding royalty interest to the assignee. The assignor retains ownership of a certain percentage of the interest. 2. Full Assignment: In a full assignment, the assignor transfers their entire overriding royalty interest to the assignee. The assignor will no longer have any ownership or entitlement to royalties from the lease. 3. Proportionate Reduction: This term refers to the adjustment of the overriding royalty interest proportionately if the working interest owner's interest is reduced. It ensures that the assignee's royalty interest remains proportional to the original agreement, even if the working interest changes. The Kings New York Assignment of Overriding Royalty Interest with Proportionate Reduction provides a clear framework for the transfer of royalty interests, ensuring that all parties involved are aware of their rights and obligations. It may include specific provisions related to the calculation and payment of royalties, assignment fees, warranties, and indemnification. Overall, this legal document plays a vital role in the oil and gas industry in New York by facilitating the transfer of overriding royalty interests and ensuring fairness and transparency in royalty distributions.

Keywords: Kings New York, Assignment, Overriding Royalty Interest, Proportionate Reduction Description: The Kings New York Assignment of Overriding Royalty Interest with Proportionate Reduction refers to a legal agreement involving the transfer of overriding royalty interests in oil and gas leases in the state of New York. This agreement allows the assignor to transfer their right to receive a portion of the revenues generated from the production and extraction of oil and gas to the assignee. The overriding royalty interest is a non-operating interest that is separate from the working interest in the oil and gas lease. It entitles the holder to a percentage of the gross production or revenues from the lease, free of the costs associated with production. The Kings New York Assignment of Overriding Royalty Interest with Proportionate Reduction deals with the assignment of this interest in one party to another. In some cases, there may be different types or variations of the Kings New York Assignment of Overriding Royalty Interest with Proportionate Reduction. These may include: 1. Partial Assignment: This type of assignment involves transferring only a portion of the overriding royalty interest to the assignee. The assignor retains ownership of a certain percentage of the interest. 2. Full Assignment: In a full assignment, the assignor transfers their entire overriding royalty interest to the assignee. The assignor will no longer have any ownership or entitlement to royalties from the lease. 3. Proportionate Reduction: This term refers to the adjustment of the overriding royalty interest proportionately if the working interest owner's interest is reduced. It ensures that the assignee's royalty interest remains proportional to the original agreement, even if the working interest changes. The Kings New York Assignment of Overriding Royalty Interest with Proportionate Reduction provides a clear framework for the transfer of royalty interests, ensuring that all parties involved are aware of their rights and obligations. It may include specific provisions related to the calculation and payment of royalties, assignment fees, warranties, and indemnification. Overall, this legal document plays a vital role in the oil and gas industry in New York by facilitating the transfer of overriding royalty interests and ensuring fairness and transparency in royalty distributions.