Harris Texas Assignment of Carried Working Interest

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: Harris
• Control #: US-OG-300
• Format: Word; Rich Text

Description

This form is used when the Assignor grants, sells, and conveys to Assignee the Carried Interest in an oil and gas lease. Harris Texas Assignment of Carried Working Interest is a legal agreement pertaining to the transfer of the right to explore, develop, and produce oil and gas resources in the county of Harris, Texas. It involves the assignment of a working interest, which is the ownership stake in the revenue, production, and operations of an oil or gas well, to another party. This type of agreement is commonly used in the oil and gas industry when an interested party, known as the assignor, wants to transfer all or a portion of their working interest to another party, known as the assignee. The assignor can be an individual, a company, or an entity that owns the working interest, while the assignee can also be an individual, a company, or an entity seeking to acquire the working interest. The primary purpose of a Harris Texas Assignment of Carried Working Interest is to allow the assignee to assume the responsibilities and benefits associated with the working interest. This includes the obligation to finance exploration, drilling, production, and other related costs. In return, the assignee is entitled to a portion of the revenue generated from the oil or gas well operation based on their working interest percentage. It is important to note that there are different types of Harris Texas Assignment of Carried Working Interest. Some common variations include: 1. Full Assignment: In this type, the assignor transfers the entirety of their working interest to the assignee. The assignee assumes all financial obligations and enjoys the corresponding rewards without any shared responsibilities. This is typically done when the assignor wishes to divest fully from their working interest. 2. Partial Assignment: In a partial assignment, the assignor transfers only a portion or percentage of their working interest to the assignee. The assignee shares the costs and benefits proportionally with the assignor. This type of assignment is often chosen when the assignor wants to retain some involvement in the asset or reduce their financial burdens. 3. Carried Interest Assignment: A carried interest assignment occurs when the assignee agrees to carry the assignor's share of costs associated with exploration and production activities. In exchange, the assignee receives a larger percentage of the revenue generated from the working interest until the assigned costs are fully recovered. After the recovery, the assignor resumes sharing in the expenses and profits according to their working interest percentage. Harris Texas Assignment of Carried Working Interest plays a vital role in facilitating the efficient exploration and development of oil and gas resources in the county. It allows interested parties to transfer, modify, or consolidate their working interests to suit their financial and operational objectives while complying with applicable legal and regulatory frameworks.

Harris Texas Assignment of Carried Working Interest is a legal agreement pertaining to the transfer of the right to explore, develop, and produce oil and gas resources in the county of Harris, Texas. It involves the assignment of a working interest, which is the ownership stake in the revenue, production, and operations of an oil or gas well, to another party. This type of agreement is commonly used in the oil and gas industry when an interested party, known as the assignor, wants to transfer all or a portion of their working interest to another party, known as the assignee. The assignor can be an individual, a company, or an entity that owns the working interest, while the assignee can also be an individual, a company, or an entity seeking to acquire the working interest. The primary purpose of a Harris Texas Assignment of Carried Working Interest is to allow the assignee to assume the responsibilities and benefits associated with the working interest. This includes the obligation to finance exploration, drilling, production, and other related costs. In return, the assignee is entitled to a portion of the revenue generated from the oil or gas well operation based on their working interest percentage. It is important to note that there are different types of Harris Texas Assignment of Carried Working Interest. Some common variations include: 1. Full Assignment: In this type, the assignor transfers the entirety of their working interest to the assignee. The assignee assumes all financial obligations and enjoys the corresponding rewards without any shared responsibilities. This is typically done when the assignor wishes to divest fully from their working interest. 2. Partial Assignment: In a partial assignment, the assignor transfers only a portion or percentage of their working interest to the assignee. The assignee shares the costs and benefits proportionally with the assignor. This type of assignment is often chosen when the assignor wants to retain some involvement in the asset or reduce their financial burdens. 3. Carried Interest Assignment: A carried interest assignment occurs when the assignee agrees to carry the assignor's share of costs associated with exploration and production activities. In exchange, the assignee receives a larger percentage of the revenue generated from the working interest until the assigned costs are fully recovered. After the recovery, the assignor resumes sharing in the expenses and profits according to their working interest percentage. Harris Texas Assignment of Carried Working Interest plays a vital role in facilitating the efficient exploration and development of oil and gas resources in the county. It allows interested parties to transfer, modify, or consolidate their working interests to suit their financial and operational objectives while complying with applicable legal and regulatory frameworks.