Salt Lake Utah Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: Salt Lake
• Control #: US-OG-288
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease and Land convertable to a working interest. Salt Lake City, Utah, is a thriving metropolitan area and the capital of the state of Utah. This bustling city is known for its stunning natural surroundings, including the nearby Great Salt Lake and the majestic Wasatch Mountains. The city offers a mix of urban amenities and outdoor adventures, making it a popular destination for tourists and residents alike. Now, let's dive into the Salt Lake Utah Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option. This type of assignment refers to a legal agreement where a person or entity is given the right to receive a percentage of the revenue generated from oil and gas extraction activities in Salt Lake, Utah. The overriding royalty interest, or ORRIS, provides a share of the profits from the minerals produced and sold from a specific oil or gas well. Under this agreement, the ORRIS interest holder has the option to convert their overriding royalty interest into a working interest. A working interest grants the holder the right to explore, develop, and extract oil and gas from the assigned area, as well as bear a proportionate share of the costs and expenses associated with production. It's important to note that the Salt Lake Utah Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option can take different forms, depending on the specific terms and conditions agreed upon by the parties involved. Some common variations include partial conversions, where only a portion of the overriding royalty interest can be converted to a working interest, and full conversions, where the entire ORRIS interest can be converted. Assignee's Option refers to the party to whom the overriding royalty interest is initially assigned. This individual or entity has the right to choose whether to exercise the option to convert their ORRIS into a working interest. This flexibility allows the assignee to assess the profitability of the oil and gas well and make an informed decision on whether to take an active role in its development or continue receiving passive income through the overriding royalty interest. To summarize, the Salt Lake Utah Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option is a legal agreement involving the transfer of a percentage interest in oil and gas revenues in Salt Lake City, Utah. This agreement allows the ORRIS holder the choice to convert their interest into a working interest, granting them the ability to participate in exploration and production activities. Different types of conversions and options exist depending on the specific terms agreed upon by the involved parties.

Salt Lake City, Utah, is a thriving metropolitan area and the capital of the state of Utah. This bustling city is known for its stunning natural surroundings, including the nearby Great Salt Lake and the majestic Wasatch Mountains. The city offers a mix of urban amenities and outdoor adventures, making it a popular destination for tourists and residents alike. Now, let's dive into the Salt Lake Utah Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option. This type of assignment refers to a legal agreement where a person or entity is given the right to receive a percentage of the revenue generated from oil and gas extraction activities in Salt Lake, Utah. The overriding royalty interest, or ORRIS, provides a share of the profits from the minerals produced and sold from a specific oil or gas well. Under this agreement, the ORRIS interest holder has the option to convert their overriding royalty interest into a working interest. A working interest grants the holder the right to explore, develop, and extract oil and gas from the assigned area, as well as bear a proportionate share of the costs and expenses associated with production. It's important to note that the Salt Lake Utah Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option can take different forms, depending on the specific terms and conditions agreed upon by the parties involved. Some common variations include partial conversions, where only a portion of the overriding royalty interest can be converted to a working interest, and full conversions, where the entire ORRIS interest can be converted. Assignee's Option refers to the party to whom the overriding royalty interest is initially assigned. This individual or entity has the right to choose whether to exercise the option to convert their ORRIS into a working interest. This flexibility allows the assignee to assess the profitability of the oil and gas well and make an informed decision on whether to take an active role in its development or continue receiving passive income through the overriding royalty interest. To summarize, the Salt Lake Utah Assignment of Overriding Royalty Interest Convertible to A Working Interest At Assignee's Option is a legal agreement involving the transfer of a percentage interest in oil and gas revenues in Salt Lake City, Utah. This agreement allows the ORRIS holder the choice to convert their interest into a working interest, granting them the ability to participate in exploration and production activities. Different types of conversions and options exist depending on the specific terms agreed upon by the involved parties.