This form is used when an Assignor was granted the right to receive, at payout, a certain reversionary working interest in the Lease. Payout has not occurred, and Assignor is vested with beneficial ownership of the Interest in the Leases and Lands. The purpose of this Assignment and the intention of Assignor is to assign to Assignee, the Interest.
What is Cook Illinois Assignment of a Diversionary Working Interest? Cook Illinois Assignment of a Diversionary Working Interest is a legal agreement related to the transfer of ownership or rights regarding a working interest in the oil and gas industry. Specifically, it refers to the assignment of a diversionary interest within the Cook Illinois area. Keywords: Cook Illinois, assignment, diversionary working interest, oil and gas industry, transfer of ownership, rights. Types of Cook Illinois Assignment of a Diversionary Working Interest: 1. Full Diversionary Assignment: This type of assignment refers to the complete transfer of a working interest in a Cook Illinois oil and gas property. The assignor (original owner) relinquishes all rights and ownership of their interest in favor of the assignee (new owner). 2. Partial Diversionary Assignment: In some cases, the assignment of a diversionary working interest may be partial, meaning only a portion of the working interest is transferred. This could be a specific percentage or share of the original interest. 3. Time-Limited Diversionary Assignment: This type of assignment allows for the transfer of ownership or rights to the working interest for a predetermined period. At the end of the specified period, the ownership or rights revert to the original owner or an agreed-upon party. 4. Subject to Conditions Diversionary Assignment: In certain situations, an assignment of a diversionary working interest may be subject to specific conditions. These conditions could include reaching certain milestones, achieving production targets, or fulfilling financial obligations. 5. Joint Diversionary Assignment: A joint diversionary assignment occurs when multiple parties collectively assign their diversionary interests to a new owner. This can be a strategic decision to consolidate interests or streamline operations within the Cook Illinois area. It is important to note that the specific terms and conditions of a Cook Illinois Assignment of a Diversionary Working Interest can vary depending on the parties involved, their respective agreements, and legal requirements. Legal counsel or an experienced professional should be consulted when entering into or dealing with such assignments.What is Cook Illinois Assignment of a Diversionary Working Interest? Cook Illinois Assignment of a Diversionary Working Interest is a legal agreement related to the transfer of ownership or rights regarding a working interest in the oil and gas industry. Specifically, it refers to the assignment of a diversionary interest within the Cook Illinois area. Keywords: Cook Illinois, assignment, diversionary working interest, oil and gas industry, transfer of ownership, rights. Types of Cook Illinois Assignment of a Diversionary Working Interest: 1. Full Diversionary Assignment: This type of assignment refers to the complete transfer of a working interest in a Cook Illinois oil and gas property. The assignor (original owner) relinquishes all rights and ownership of their interest in favor of the assignee (new owner). 2. Partial Diversionary Assignment: In some cases, the assignment of a diversionary working interest may be partial, meaning only a portion of the working interest is transferred. This could be a specific percentage or share of the original interest. 3. Time-Limited Diversionary Assignment: This type of assignment allows for the transfer of ownership or rights to the working interest for a predetermined period. At the end of the specified period, the ownership or rights revert to the original owner or an agreed-upon party. 4. Subject to Conditions Diversionary Assignment: In certain situations, an assignment of a diversionary working interest may be subject to specific conditions. These conditions could include reaching certain milestones, achieving production targets, or fulfilling financial obligations. 5. Joint Diversionary Assignment: A joint diversionary assignment occurs when multiple parties collectively assign their diversionary interests to a new owner. This can be a strategic decision to consolidate interests or streamline operations within the Cook Illinois area. It is important to note that the specific terms and conditions of a Cook Illinois Assignment of a Diversionary Working Interest can vary depending on the parties involved, their respective agreements, and legal requirements. Legal counsel or an experienced professional should be consulted when entering into or dealing with such assignments.
