Chicago Illinois Assignment of Overriding Royalty Interest Limited As to Depth

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• City: Chicago
• Control #: US-OG-290
• 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, which is limited to depth. Chicago, Illinois Assignment of Overriding Royalty Interest Limited As to Depth is a legal document that pertains to the transfer of a portion of production royalty interest in an oil and gas lease located in Chicago, Illinois. This type of assignment restricts the transferred interest solely to a specific depth or oil-bearing reservoir within the lease. It is important to understand the different types of Assignment of Overriding Royalty Interest Limited As to Depth in Chicago, Illinois in order to ensure clarity and accuracy in legal agreements. 1. "Assignment of Overriding Royalty Interest Limited As to Depth in a Primary Reservoir": This type of assignment restricts the transferred interest only to the primary oil or gas reservoir within the lease. It ensures that the assignee is entitled to a portion of the production royalties exclusively from the primary reservoir. Example: A landowner assigns a 50% overriding royalty interest limited as to depth in the primary reservoir of their oil and gas lease in Chicago, Illinois, to another party. This means that the assignee will have the right to receive 50% of the production royalties solely from the primary reservoir. 2. "Assignment of Overriding Royalty Interest Limited As to Depth in Secondary or Tertiary Reservoirs": This type of assignment focuses on the secondary or tertiary oil or gas reservoirs within the lease. It allows the assignee to receive a portion of the production royalties generated by these specific reservoirs. Example: A company assigns a 25% overriding royalty interest limited as to depth in the secondary and tertiary reservoirs of their oil and gas lease in Chicago, Illinois. In this case, the assignee will receive 25% of the production royalties derived solely from the secondary and tertiary reservoirs. 3. "Assignment of Overriding Royalty Interest Limited As to Depth in Multiple Reservoirs": This type of assignment covers multiple oil or gas reservoirs within the lease, excluding either the primary or secondary reservoirs. It allows the assignee to benefit from the production royalties generated by the remaining reservoirs mentioned in the agreement. Example: An individual assigns a 20% overriding royalty interest limited as to depth, excluding the primary and secondary reservoirs, in their oil and gas lease in Chicago, Illinois. This means that the assignee will receive 20% of the production royalties exclusively from the remaining reservoirs other than the primary and secondary ones. A Chicago, Illinois Assignment of Overriding Royalty Interest Limited As to Depth is a crucial legal document that carefully outlines the restriction and transfer of royalty interests to ensure fair allocation and distribution of production royalties based on specific reservoir depths. These assignments provide clarity and protection to all parties involved in the oil and gas lease contract.

Chicago, Illinois Assignment of Overriding Royalty Interest Limited As to Depth is a legal document that pertains to the transfer of a portion of production royalty interest in an oil and gas lease located in Chicago, Illinois. This type of assignment restricts the transferred interest solely to a specific depth or oil-bearing reservoir within the lease. It is important to understand the different types of Assignment of Overriding Royalty Interest Limited As to Depth in Chicago, Illinois in order to ensure clarity and accuracy in legal agreements. 1. "Assignment of Overriding Royalty Interest Limited As to Depth in a Primary Reservoir": This type of assignment restricts the transferred interest only to the primary oil or gas reservoir within the lease. It ensures that the assignee is entitled to a portion of the production royalties exclusively from the primary reservoir. Example: A landowner assigns a 50% overriding royalty interest limited as to depth in the primary reservoir of their oil and gas lease in Chicago, Illinois, to another party. This means that the assignee will have the right to receive 50% of the production royalties solely from the primary reservoir. 2. "Assignment of Overriding Royalty Interest Limited As to Depth in Secondary or Tertiary Reservoirs": This type of assignment focuses on the secondary or tertiary oil or gas reservoirs within the lease. It allows the assignee to receive a portion of the production royalties generated by these specific reservoirs. Example: A company assigns a 25% overriding royalty interest limited as to depth in the secondary and tertiary reservoirs of their oil and gas lease in Chicago, Illinois. In this case, the assignee will receive 25% of the production royalties derived solely from the secondary and tertiary reservoirs. 3. "Assignment of Overriding Royalty Interest Limited As to Depth in Multiple Reservoirs": This type of assignment covers multiple oil or gas reservoirs within the lease, excluding either the primary or secondary reservoirs. It allows the assignee to benefit from the production royalties generated by the remaining reservoirs mentioned in the agreement. Example: An individual assigns a 20% overriding royalty interest limited as to depth, excluding the primary and secondary reservoirs, in their oil and gas lease in Chicago, Illinois. This means that the assignee will receive 20% of the production royalties exclusively from the remaining reservoirs other than the primary and secondary ones. A Chicago, Illinois Assignment of Overriding Royalty Interest Limited As to Depth is a crucial legal document that carefully outlines the restriction and transfer of royalty interests to ensure fair allocation and distribution of production royalties based on specific reservoir depths. These assignments provide clarity and protection to all parties involved in the oil and gas lease contract.