Oakland Michigan Assignment of Overriding Royalty Interest by Working Interest Owner, Single Lease, Stated Percentage

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: Oakland
• Control #: US-OG-287
• 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 and all oil, gas and other minerals produced, saved and sold from the Lease and Land. Oakland Michigan Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage allows a working interest owner to assign a portion of their royalties to another party. This legal document ensures that the assigned party, known as the overriding royalty interest owner, receives a stipulated percentage of the earnings generated from a specific lease located in Oakland, Michigan. In the realm of oil, gas, and mineral rights, an overriding royalty interest refers to a percentage of revenue obtained solely from the production of an oil or gas well. The working interest owner, who is actively involved in the drilling and operation of the well, can assign a portion or the entirety of their overriding royalty interest to another party. This assignment serves as a contractual agreement between the working interest owner and the overriding royalty interest owner. It outlines the specific lease in Oakland, Michigan, which grants the right to extract and sell the oil, gas, or other minerals found on the property. The stated percentage represents the proportion of the overriding royalty interest that the working interest owner is assigning to a third party. Different variations of the Oakland Michigan Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage may exist based on specific conditions or provisions agreed upon between the two parties involved. These variations can include: 1. Percentage Range: The assignment document may outline a range of percentages that can be assigned, providing flexibility to the working interest owner to assign a variable stake. 2. Limited Term: The assignment may have a specified duration, allowing the overriding royalty interest owner to receive royalties only for a certain period. This could be beneficial if there are uncertain production prospects or exploration ventures planned for the lease. 3. Stipulated Minimum Royalty: The agreement may include a provision guaranteeing the overriding royalty interest owner a minimum royalty payment per period, regardless of the actual revenues generated. This clause ensures a certain level of economic stability for the overriding royalty interest owner. 4. Drilling and Operating Obligations: The assignment might contain provisions specifying the obligations of the working interest owner in terms of drilling, maintenance, and operating costs for the lease. These conditions help ensure the effective development and production of the oil or gas well. In conclusion, the Oakland Michigan Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage is a crucial legal document used in the energy industry. It enables working interest owners to assign a portion of their royalties to overriding royalty interest owners, providing them with a stipulated percentage of the earnings from a specific lease in Oakland, Michigan. Various types of this assignment may exist, incorporating additional provisions and conditions to suit specific circumstances.

Oakland Michigan Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage allows a working interest owner to assign a portion of their royalties to another party. This legal document ensures that the assigned party, known as the overriding royalty interest owner, receives a stipulated percentage of the earnings generated from a specific lease located in Oakland, Michigan. In the realm of oil, gas, and mineral rights, an overriding royalty interest refers to a percentage of revenue obtained solely from the production of an oil or gas well. The working interest owner, who is actively involved in the drilling and operation of the well, can assign a portion or the entirety of their overriding royalty interest to another party. This assignment serves as a contractual agreement between the working interest owner and the overriding royalty interest owner. It outlines the specific lease in Oakland, Michigan, which grants the right to extract and sell the oil, gas, or other minerals found on the property. The stated percentage represents the proportion of the overriding royalty interest that the working interest owner is assigning to a third party. Different variations of the Oakland Michigan Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage may exist based on specific conditions or provisions agreed upon between the two parties involved. These variations can include: 1. Percentage Range: The assignment document may outline a range of percentages that can be assigned, providing flexibility to the working interest owner to assign a variable stake. 2. Limited Term: The assignment may have a specified duration, allowing the overriding royalty interest owner to receive royalties only for a certain period. This could be beneficial if there are uncertain production prospects or exploration ventures planned for the lease. 3. Stipulated Minimum Royalty: The agreement may include a provision guaranteeing the overriding royalty interest owner a minimum royalty payment per period, regardless of the actual revenues generated. This clause ensures a certain level of economic stability for the overriding royalty interest owner. 4. Drilling and Operating Obligations: The assignment might contain provisions specifying the obligations of the working interest owner in terms of drilling, maintenance, and operating costs for the lease. These conditions help ensure the effective development and production of the oil or gas well. In conclusion, the Oakland Michigan Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage is a crucial legal document used in the energy industry. It enables working interest owners to assign a portion of their royalties to overriding royalty interest owners, providing them with a stipulated percentage of the earnings from a specific lease in Oakland, Michigan. Various types of this assignment may exist, incorporating additional provisions and conditions to suit specific circumstances.