Harris Texas Assignment of Overriding Royalty Interest Limited As to Depth

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: Harris
• 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. Harris County is located in the state of Texas and is known for its rich oil and gas resources. In the field of oil and gas leasing and ownership, an Assignment of Overriding Royalty Interest Limited As to Depth, often referred to as a "Harris Texas Assignment," holds particular importance. In essence, a Harris Texas Assignment of Overriding Royalty Interest Limited As to Depth involves the transfer of a specific portion of the rights and interests in an oil or gas lease to another party, but with certain limitations on the depth or extent of the assignment. This means that the assignee will only receive royalties or benefits from the assigned interest in a designated depth range, while the assignor retains the rights and benefits from other depths within the same lease. This type of assignment can be crucial in cases where multiple zones or formations of oil or gas deposits exist within a single lease. It allows the assignee to focus on a particular depth range where the potential for higher production rates or better quality reserves is anticipated. At the same time, the assignor maintains control over the other depths, ensuring that their interests are not fully relinquished. There may be different variations or subtypes of Harris Texas Assignment of Overriding Royalty Interest Limited As to Depth, which can be classified based on specific criteria or conditions. These subtypes could include: 1. Depth Range-Specific Assignments: These assignments define the extent of the assignment based on specific depth ranges, limiting the assignee's rights and interests only to those depths. 2. Formation-Specific Assignments: In cases where distinct oil or gas formations exist within a lease, this type of assignment limits the assignee's interests to a particular formation while excluding others. 3. Time-Limited Assignments: Some assignments may also have a time restriction, meaning that the assignee's overriding royalty interest is limited to a specific period. This allows the assignor to regain full control over the assigned portion after the designated timeframe. 4. Depth Combination Assignments: In certain situations, an assignment may involve a combination of depth limitations and formation-specific restrictions, carefully defining the assignee's rights and interests in the lease. The Harris Texas Assignment of Overriding Royalty Interest Limited As to Depth provides a flexible and strategic approach to oil and gas lease assignments, ensuring that both parties can optimize their interests and minimize risks. By offering a method to allocate specific depths or formations to different assignees, it allows for efficient exploration, production, and management of oil and gas resources in Harris County, Texas.

Harris County is located in the state of Texas and is known for its rich oil and gas resources. In the field of oil and gas leasing and ownership, an Assignment of Overriding Royalty Interest Limited As to Depth, often referred to as a "Harris Texas Assignment," holds particular importance. In essence, a Harris Texas Assignment of Overriding Royalty Interest Limited As to Depth involves the transfer of a specific portion of the rights and interests in an oil or gas lease to another party, but with certain limitations on the depth or extent of the assignment. This means that the assignee will only receive royalties or benefits from the assigned interest in a designated depth range, while the assignor retains the rights and benefits from other depths within the same lease. This type of assignment can be crucial in cases where multiple zones or formations of oil or gas deposits exist within a single lease. It allows the assignee to focus on a particular depth range where the potential for higher production rates or better quality reserves is anticipated. At the same time, the assignor maintains control over the other depths, ensuring that their interests are not fully relinquished. There may be different variations or subtypes of Harris Texas Assignment of Overriding Royalty Interest Limited As to Depth, which can be classified based on specific criteria or conditions. These subtypes could include: 1. Depth Range-Specific Assignments: These assignments define the extent of the assignment based on specific depth ranges, limiting the assignee's rights and interests only to those depths. 2. Formation-Specific Assignments: In cases where distinct oil or gas formations exist within a lease, this type of assignment limits the assignee's interests to a particular formation while excluding others. 3. Time-Limited Assignments: Some assignments may also have a time restriction, meaning that the assignee's overriding royalty interest is limited to a specific period. This allows the assignor to regain full control over the assigned portion after the designated timeframe. 4. Depth Combination Assignments: In certain situations, an assignment may involve a combination of depth limitations and formation-specific restrictions, carefully defining the assignee's rights and interests in the lease. The Harris Texas Assignment of Overriding Royalty Interest Limited As to Depth provides a flexible and strategic approach to oil and gas lease assignments, ensuring that both parties can optimize their interests and minimize risks. By offering a method to allocate specific depths or formations to different assignees, it allows for efficient exploration, production, and management of oil and gas resources in Harris County, Texas.