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.
Travis Texas Assignment of A Diversionary Working Interest is a legal process related to the transfer of ownership rights for a working interest in an oil and gas property located in Travis County, Texas. A diversionary working interest refers to the ownership of a percentage or fraction of the income generated from the production of oil or gas from a specific property. This interest is typically held by an owner or lessee of the property, known as the assignor, who then assigns or transfers their working interest to another party, known as the assignee. The Travis Texas Assignment of A Diversionary Working Interest can be categorized into different types based on the ownership rights and conditions attached to the transfer. Some of these types include: 1. Full Assignment: This type of assignment involves the transfer of the entire working interest owned by the assignor to the assignee. The assignee becomes the new owner of the working interest, assuming all the rights, responsibilities, and liabilities associated with it. 2. Partial Assignment: In this case, the assignor transfers only a portion or percentage of their working interest to the assignee. This allows the assignor to retain some ownership rights while still benefiting from the income generated. 3. Temporary Assignment: This type of assignment involves the transfer of the working interest for a specific period of time. The assignee has the right to income and benefits generated during this period, after which the working interest reverts to the assignor. 4. Assignment with Diversionary Clause: This type of assignment includes a clause stipulating that the working interest would revert to the assignor under certain specific conditions. These conditions could be related to reaching a specific revenue threshold, expiration of a lease agreement, or any other predefined circumstances. Travis Texas Assignment of A Diversionary Working Interest plays a crucial role in the oil and gas industry. It allows for the efficient transfer of ownership rights, enabling individuals or companies to optimize their investments, diversify their portfolios, and capitalize on income generated from oil and gas production in the Travis County area of Texas.Travis Texas Assignment of A Diversionary Working Interest is a legal process related to the transfer of ownership rights for a working interest in an oil and gas property located in Travis County, Texas. A diversionary working interest refers to the ownership of a percentage or fraction of the income generated from the production of oil or gas from a specific property. This interest is typically held by an owner or lessee of the property, known as the assignor, who then assigns or transfers their working interest to another party, known as the assignee. The Travis Texas Assignment of A Diversionary Working Interest can be categorized into different types based on the ownership rights and conditions attached to the transfer. Some of these types include: 1. Full Assignment: This type of assignment involves the transfer of the entire working interest owned by the assignor to the assignee. The assignee becomes the new owner of the working interest, assuming all the rights, responsibilities, and liabilities associated with it. 2. Partial Assignment: In this case, the assignor transfers only a portion or percentage of their working interest to the assignee. This allows the assignor to retain some ownership rights while still benefiting from the income generated. 3. Temporary Assignment: This type of assignment involves the transfer of the working interest for a specific period of time. The assignee has the right to income and benefits generated during this period, after which the working interest reverts to the assignor. 4. Assignment with Diversionary Clause: This type of assignment includes a clause stipulating that the working interest would revert to the assignor under certain specific conditions. These conditions could be related to reaching a specific revenue threshold, expiration of a lease agreement, or any other predefined circumstances. Travis Texas Assignment of A Diversionary Working Interest plays a crucial role in the oil and gas industry. It allows for the efficient transfer of ownership rights, enabling individuals or companies to optimize their investments, diversify their portfolios, and capitalize on income generated from oil and gas production in the Travis County area of Texas.
