This form is used when the Assignor wishes to convey, assign and sell to the Assignee an undivided working interest in an oil and gas lease but reserves an overriding royalty interest payable on all oil, gas, and associated hydrocarbons produced, saved and sold from the Lands.
Allegheny Pennsylvania Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease refers to a legal agreement wherein a portion of the rights and interests in oil and gas exploration and production, located within the Allegheny region of Pennsylvania, are transferred from one party to another. This assignment is specifically applicable to lands subject to a nonproducing lease, indicating that although the lease exists, no active production is currently taking place. Keywords: Allegheny Pennsylvania, partial assignment, oil and gas lease, nonproducing lease, rights and interests, exploration, production, transfer. Types of Allegheny Pennsylvania Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease can include: 1. Primary Term Assignment: This type of assignment transfers the rights and interests in the lease during the primary term, which is the initial period specified in the lease when exploration and production activities are allowed. The assignee takes over the responsibilities and benefits associated with the lease until its expiration or the commencement of production. 2. Acreage Assignment: In an acreage assignment, a portion of the total leasehold acreage is transferred from one party to another. This type of assignment commonly occurs when the assignor wants to retain some leasehold while divesting a specific portion to another party. The assignee gains ownership and control over the assigned acreage, including the right to explore and extract oil and gas resources. 3. Depth Assignment: A depth assignment involves transferring rights and interests to specific geological formations or layers within the leased lands. This assignment allows the assignee to exclusively explore and produce oil and gas from the assigned depths while the assignor retains the rights to other depths or formations that may exist on the property. 4. Horizontal Assignment: When a lease encompasses both vertical and horizontal development rights, a horizontal assignment can be made to transfer the horizontal drilling and production rights to another party. This type of assignment is common in areas where horizontal drilling techniques are employed to optimize oil and gas extraction. Remember, each assignment may have specific terms and conditions that should be carefully reviewed and negotiated by the parties involved to ensure a clear understanding of their rights and obligations regarding the assigned portion of the lease.Allegheny Pennsylvania Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease refers to a legal agreement wherein a portion of the rights and interests in oil and gas exploration and production, located within the Allegheny region of Pennsylvania, are transferred from one party to another. This assignment is specifically applicable to lands subject to a nonproducing lease, indicating that although the lease exists, no active production is currently taking place. Keywords: Allegheny Pennsylvania, partial assignment, oil and gas lease, nonproducing lease, rights and interests, exploration, production, transfer. Types of Allegheny Pennsylvania Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease can include: 1. Primary Term Assignment: This type of assignment transfers the rights and interests in the lease during the primary term, which is the initial period specified in the lease when exploration and production activities are allowed. The assignee takes over the responsibilities and benefits associated with the lease until its expiration or the commencement of production. 2. Acreage Assignment: In an acreage assignment, a portion of the total leasehold acreage is transferred from one party to another. This type of assignment commonly occurs when the assignor wants to retain some leasehold while divesting a specific portion to another party. The assignee gains ownership and control over the assigned acreage, including the right to explore and extract oil and gas resources. 3. Depth Assignment: A depth assignment involves transferring rights and interests to specific geological formations or layers within the leased lands. This assignment allows the assignee to exclusively explore and produce oil and gas from the assigned depths while the assignor retains the rights to other depths or formations that may exist on the property. 4. Horizontal Assignment: When a lease encompasses both vertical and horizontal development rights, a horizontal assignment can be made to transfer the horizontal drilling and production rights to another party. This type of assignment is common in areas where horizontal drilling techniques are employed to optimize oil and gas extraction. Remember, each assignment may have specific terms and conditions that should be carefully reviewed and negotiated by the parties involved to ensure a clear understanding of their rights and obligations regarding the assigned portion of the lease.
