This form is used when an Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ), reserving the right to pool the assigned interest.
San Antonio, Texas is a vibrant city located in the southern part of the state. Known for its rich history, diverse culture, and booming economy, San Antonio offers a plethora of opportunities and attractions for residents and visitors alike. The Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal document that is commonly used in the oil and gas industry. This agreement allows an assignor to transfer their overriding royalty interest to an assignee, while still retaining the right to pool the assigned interest. There are different types of the Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form, depending on the specific terms and conditions outlined in the agreement. These may include variations in the duration of the assignment, the percentage of royalties assigned, and the specific rights reserved by the assignor. When drafting this short form of the assignment, it is essential to include the necessary parties involved, such as the assignor and assignee, along with their complete contact information. The agreement should also clearly state the specific overriding royalty interest being assigned, including any relevant details such as the property or well name, percentage of overriding royalty, and the effective date of the assignment. Additionally, the Short Form should include a clause specifying that the assignor reserves the right to pool the assigned interest. This means that the assignor has the option to combine or join their assigned interest with other interests in a pooling unit, as deemed necessary for efficient and effective oil and gas operations. The agreement should also cover the responsibilities and obligations of both parties, such as the assignee's duty to pay royalties to the assignor in a timely manner, and the assignor's right to audit the assignee's records to ensure accurate royalty calculations. It is advisable to include a severability clause, stating that if any part of the agreement is found to be invalid or unenforceable, the remaining provisions will still be valid. In summary, the San Antonio, Texas Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a crucial legal document used in the oil and gas industry. It allows an assignor to transfer their overriding royalty interest while retaining the right to pool the assigned interest. Careful consideration and attention to detail should be given when drafting this agreement to protect the interests of all parties involved.San Antonio, Texas is a vibrant city located in the southern part of the state. Known for its rich history, diverse culture, and booming economy, San Antonio offers a plethora of opportunities and attractions for residents and visitors alike. The Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal document that is commonly used in the oil and gas industry. This agreement allows an assignor to transfer their overriding royalty interest to an assignee, while still retaining the right to pool the assigned interest. There are different types of the Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form, depending on the specific terms and conditions outlined in the agreement. These may include variations in the duration of the assignment, the percentage of royalties assigned, and the specific rights reserved by the assignor. When drafting this short form of the assignment, it is essential to include the necessary parties involved, such as the assignor and assignee, along with their complete contact information. The agreement should also clearly state the specific overriding royalty interest being assigned, including any relevant details such as the property or well name, percentage of overriding royalty, and the effective date of the assignment. Additionally, the Short Form should include a clause specifying that the assignor reserves the right to pool the assigned interest. This means that the assignor has the option to combine or join their assigned interest with other interests in a pooling unit, as deemed necessary for efficient and effective oil and gas operations. The agreement should also cover the responsibilities and obligations of both parties, such as the assignee's duty to pay royalties to the assignor in a timely manner, and the assignor's right to audit the assignee's records to ensure accurate royalty calculations. It is advisable to include a severability clause, stating that if any part of the agreement is found to be invalid or unenforceable, the remaining provisions will still be valid. In summary, the San Antonio, Texas Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a crucial legal document used in the oil and gas industry. It allows an assignor to transfer their overriding royalty interest while retaining the right to pool the assigned interest. Careful consideration and attention to detail should be given when drafting this agreement to protect the interests of all parties involved.
