Fairfax Virginia Assignment of Overriding Royalty Interest For A Term of Years

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: Fairfax
• Control #: US-OG-289
• 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 for a specified term. Fairfax, Virginia is a historic city located in the northeastern part of the state. It is part of the larger Fairfax County and is known for its rich history, diverse culture, and thriving community. The city is home to numerous attractions, including museums, parks, and an array of shopping and dining options. In the realm of oil and gas leasing, an Assignment of Overriding Royalty Interest (ORRIS) for a term of years refers to the legal transfer of the rights to receive a percentage of the gross production revenue from a specific lease. This assignment typically occurs for a specified period rather than being permanent. It allows an individual or entity to benefit from the production of oil or natural gas during that term. There might be different types of Fairfax, Virginia Assignment of Overriding Royalty Interest for a Term of Years based on specific conditions or purposes. Some possible variations include: 1. Temporary Assignment: This type of assignment occurs when the ORRIS is transferred for a fixed period, typically ranging from a few months to several years. It provides flexibility for both the assignor and assignee in the agreement. 2. Production-Based Assignment: In this scenario, the ORRIS assignment is contingent upon the volume or value of the actual production of oil or gas. The assignee receives a percentage of the production revenue during the agreed term of years. 3. Geographically Bound Assignment: A geographically bound Assignment of Overriding Royalty Interest occurs when the assignment applies only to a particular geographical area or specific leasehold within Fairfax, Virginia. This limitation can provide greater control and specificity for both parties involved. 4. Limited Recourse Assignment: This type of assignment places certain restrictions or limitations on the assignor's recourse against the assignee. It may protect the assignee from potential litigation or financial obligations beyond a defined scope. In summary, Fairfax, Virginia is not only a historical city with diverse attractions and a vibrant community but is also associated with various types of Assignment of Overriding Royalty Interest for a Term of Years. These assignments can have specific conditions, durations, or restrictions, allowing parties to engage in oil and gas leasing agreements with distinct parameters.

Fairfax, Virginia is a historic city located in the northeastern part of the state. It is part of the larger Fairfax County and is known for its rich history, diverse culture, and thriving community. The city is home to numerous attractions, including museums, parks, and an array of shopping and dining options. In the realm of oil and gas leasing, an Assignment of Overriding Royalty Interest (ORRIS) for a term of years refers to the legal transfer of the rights to receive a percentage of the gross production revenue from a specific lease. This assignment typically occurs for a specified period rather than being permanent. It allows an individual or entity to benefit from the production of oil or natural gas during that term. There might be different types of Fairfax, Virginia Assignment of Overriding Royalty Interest for a Term of Years based on specific conditions or purposes. Some possible variations include: 1. Temporary Assignment: This type of assignment occurs when the ORRIS is transferred for a fixed period, typically ranging from a few months to several years. It provides flexibility for both the assignor and assignee in the agreement. 2. Production-Based Assignment: In this scenario, the ORRIS assignment is contingent upon the volume or value of the actual production of oil or gas. The assignee receives a percentage of the production revenue during the agreed term of years. 3. Geographically Bound Assignment: A geographically bound Assignment of Overriding Royalty Interest occurs when the assignment applies only to a particular geographical area or specific leasehold within Fairfax, Virginia. This limitation can provide greater control and specificity for both parties involved. 4. Limited Recourse Assignment: This type of assignment places certain restrictions or limitations on the assignor's recourse against the assignee. It may protect the assignee from potential litigation or financial obligations beyond a defined scope. In summary, Fairfax, Virginia is not only a historical city with diverse attractions and a vibrant community but is also associated with various types of Assignment of Overriding Royalty Interest for a Term of Years. These assignments can have specific conditions, durations, or restrictions, allowing parties to engage in oil and gas leasing agreements with distinct parameters.