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.
Travis Texas Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal document commonly used in the oil and gas industry. It pertains to the transfer of a specific type of interest called overriding royalty interest (ORRIS) in Travis County, Texas. In this arrangement, the assignor retains the right to pool the assigned interest. This type of assignment allows the assignor to transfer their ORRIS to another party while still maintaining the flexibility to combine or pool the assigned interest with other Orris they may own or acquire in the future. By reserving the right to pool, the assignor can benefit from potential increases in production efficiency and overall profitability. The short form of the Travis Texas Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest refers to a concise and straightforward version of the document, ensuring clarity and simplicity for the involved parties. This short form contains the essential provisions of the agreement, highlighting the main terms and conditions, while omitting unnecessary details. Keywords: Travis Texas, Assignment of Overriding Royalty Interest, Assignor Reserves the Right, Pool the Assigned Interest, Short Form, oil and gas industry, ORRIS, transfer, reservoir, pooling, production efficiency, profitability, terms and conditions. Different types of this assignment could include variations of the agreement tailored to specific circumstances, such as: 1. Travis Texas Assignment of Overriding Royalty Interest with Partial Reservation of Right to Pool: This variation might involve situations where the assignor wishes to retain the partial right to pool their assigned interest. It provides more flexibility compared to the standard assignment, allowing the assignor to pool certain portions of the assigned ORRIS while keeping others separate. 2. Travis Texas Assignment of Overriding Royalty Interest with Right to Pool Expiration Clause: This type of assignment could include an expiration clause that limits the duration of the assignor's right to pool the assigned interest. Once the expiration date is reached, the assignor loses the ability to pool their ORRIS, providing more certainty and clarity for the assignee. 3. Travis Texas Assignment of Overriding Royalty Interest with Right of First Refusal to Pool: In some cases, the assignor may wish to secure the right of first refusal to pool their assigned interest. This means that if the assignee decides to pool the ORRIS, they must offer the assignor the opportunity to participate in the pooling arrangement before seeking other parties. These variations demonstrate how the Travis Texas Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form can be adapted to suit different preferences and circumstances within the oil and gas industry.Travis Texas Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal document commonly used in the oil and gas industry. It pertains to the transfer of a specific type of interest called overriding royalty interest (ORRIS) in Travis County, Texas. In this arrangement, the assignor retains the right to pool the assigned interest. This type of assignment allows the assignor to transfer their ORRIS to another party while still maintaining the flexibility to combine or pool the assigned interest with other Orris they may own or acquire in the future. By reserving the right to pool, the assignor can benefit from potential increases in production efficiency and overall profitability. The short form of the Travis Texas Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest refers to a concise and straightforward version of the document, ensuring clarity and simplicity for the involved parties. This short form contains the essential provisions of the agreement, highlighting the main terms and conditions, while omitting unnecessary details. Keywords: Travis Texas, Assignment of Overriding Royalty Interest, Assignor Reserves the Right, Pool the Assigned Interest, Short Form, oil and gas industry, ORRIS, transfer, reservoir, pooling, production efficiency, profitability, terms and conditions. Different types of this assignment could include variations of the agreement tailored to specific circumstances, such as: 1. Travis Texas Assignment of Overriding Royalty Interest with Partial Reservation of Right to Pool: This variation might involve situations where the assignor wishes to retain the partial right to pool their assigned interest. It provides more flexibility compared to the standard assignment, allowing the assignor to pool certain portions of the assigned ORRIS while keeping others separate. 2. Travis Texas Assignment of Overriding Royalty Interest with Right to Pool Expiration Clause: This type of assignment could include an expiration clause that limits the duration of the assignor's right to pool the assigned interest. Once the expiration date is reached, the assignor loses the ability to pool their ORRIS, providing more certainty and clarity for the assignee. 3. Travis Texas Assignment of Overriding Royalty Interest with Right of First Refusal to Pool: In some cases, the assignor may wish to secure the right of first refusal to pool their assigned interest. This means that if the assignee decides to pool the ORRIS, they must offer the assignor the opportunity to participate in the pooling arrangement before seeking other parties. These variations demonstrate how the Travis Texas Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form can be adapted to suit different preferences and circumstances within the oil and gas industry.
