Pima Arizona Assignment of Carried Working Interest

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: Pima
• 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. The Lima Arizona Assignment of Carried Working Interest is a legal agreement that pertains to the transfer of ownership and responsibilities in an oil and gas project. In this assignment, one party (the assignor) relinquishes their working interest in a specific oil or gas lease or well to another party (the assignee). A "carried working interest" refers to a situation in which a party possesses an ownership interest in an oil or gas project without having to bear the financial burdens associated with exploration, development, and production. Instead, the assignor carries the costs and risks on behalf of the assignee, typically in exchange for a percentage of future profits generated by the project. There can be different types or variations of the Lima Arizona Assignment of Carried Working Interest, depending on the specific terms and conditions negotiated between the assignor and assignee. Some common variations include: 1. Standard Assignment: This type of assignment involves the complete transfer of ownership and responsibilities of the working interest. The assignor transfers their share of the asset, along with the associated rights and obligations, to the assignee. 2. Partial Assignment: In a partial assignment, the assignor transfers only a portion of their working interest to the assignee. The assignor may retain a certain percentage of the interest or transfer it to multiple assignees, resulting in shared ownership and responsibilities. 3. Temporary Assignment: This variation involves a time-limited assignment of the carried working interest. The assignor may temporarily transfer their interest to the assignee for a specific period or until certain conditions are met, after which the interest returns to the assignor. 4. Subject-Specific Assignment: In some cases, the assignment may apply to only a specific lease, well, or project. Instead of a broader transfer, the assignor may assign their carried working interest for a particular location or asset, while retaining ownership in others. It is important to note that the details of a Lima Arizona Assignment of Carried Working Interest can vary significantly depending on the specific terms negotiated between the parties involved. The agreement will outline the exact working interest being assigned, the assignor's responsibilities and obligations, the assignee's rights and benefits, and any provisions for dispute resolution or termination. Legal counsel is advised to ensure the agreement aligns with state regulations and protects the interests of both parties involved.

The Lima Arizona Assignment of Carried Working Interest is a legal agreement that pertains to the transfer of ownership and responsibilities in an oil and gas project. In this assignment, one party (the assignor) relinquishes their working interest in a specific oil or gas lease or well to another party (the assignee). A "carried working interest" refers to a situation in which a party possesses an ownership interest in an oil or gas project without having to bear the financial burdens associated with exploration, development, and production. Instead, the assignor carries the costs and risks on behalf of the assignee, typically in exchange for a percentage of future profits generated by the project. There can be different types or variations of the Lima Arizona Assignment of Carried Working Interest, depending on the specific terms and conditions negotiated between the assignor and assignee. Some common variations include: 1. Standard Assignment: This type of assignment involves the complete transfer of ownership and responsibilities of the working interest. The assignor transfers their share of the asset, along with the associated rights and obligations, to the assignee. 2. Partial Assignment: In a partial assignment, the assignor transfers only a portion of their working interest to the assignee. The assignor may retain a certain percentage of the interest or transfer it to multiple assignees, resulting in shared ownership and responsibilities. 3. Temporary Assignment: This variation involves a time-limited assignment of the carried working interest. The assignor may temporarily transfer their interest to the assignee for a specific period or until certain conditions are met, after which the interest returns to the assignor. 4. Subject-Specific Assignment: In some cases, the assignment may apply to only a specific lease, well, or project. Instead of a broader transfer, the assignor may assign their carried working interest for a particular location or asset, while retaining ownership in others. It is important to note that the details of a Lima Arizona Assignment of Carried Working Interest can vary significantly depending on the specific terms negotiated between the parties involved. The agreement will outline the exact working interest being assigned, the assignor's responsibilities and obligations, the assignee's rights and benefits, and any provisions for dispute resolution or termination. Legal counsel is advised to ensure the agreement aligns with state regulations and protects the interests of both parties involved.