Franklin Ohio Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: Franklin
• Control #: US-OG-691
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in multiple non-producing Leases. A Franklin Ohio Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool is a legal document that outlines the transfer of overriding royalty interests (ORRIS) from one party to another in the context of multiple leases in Franklin, Ohio. In this agreement, the assignor, who currently holds the ORRIS, provides a detailed description of the overriding royalty interest being assigned. The ORRIS represents a share of the revenue generated from the production of oil, gas, or other mineral resources on the leased property. The document specifies that the leases associated with the ORRIS are non-producing, meaning that no active extraction or production operations are taking place at the time of the assignment. Despite their non-producing nature, the overriding royalty interest still holds value as it provides the assignee with future revenue potential once production activities commence. Additionally, the assignment reserves the right to pool the leases. Pooling refers to the process of combining multiple leases into a single unit for production purposes. It allows for more efficient extraction practices, as well as the sharing of costs and royalties among the different leaseholders. The Assignment of Overriding Royalty Interest may also come in different variations depending on the specific details and parties involved. Some possible variations could include: 1. Franklin Ohio Assignment of Overriding Royalty Interest — Horizontal Pooling: This type of agreement specifically addresses the pooling of horizontally drilled wells, which have become a popular method for extracting oil and gas in recent years due to advancements in technology. 2. Franklin Ohio Assignment of Overriding Royalty Interest — Vertical Pooling: This variation pertains to the pooling of vertically drilled wells, commonly used in conventional oil and gas extraction. 3. Franklin Ohio Assignment of Overriding Royalty Interest — Offshore Pooling: If the leases involved are located in offshore areas, such as lake beds or ocean waters, this type of assignment would encompass the specific regulations and requirements associated with offshore oil and gas operations. In conclusion, a Franklin Ohio Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool is a specialized legal document that facilitates the transfer of royalty interests from one party to another. It enables the assignee to potentially benefit from future production activities while allowing for the combination of multiple leases through pooling for more efficient extraction practices.

A Franklin Ohio Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool is a legal document that outlines the transfer of overriding royalty interests (ORRIS) from one party to another in the context of multiple leases in Franklin, Ohio. In this agreement, the assignor, who currently holds the ORRIS, provides a detailed description of the overriding royalty interest being assigned. The ORRIS represents a share of the revenue generated from the production of oil, gas, or other mineral resources on the leased property. The document specifies that the leases associated with the ORRIS are non-producing, meaning that no active extraction or production operations are taking place at the time of the assignment. Despite their non-producing nature, the overriding royalty interest still holds value as it provides the assignee with future revenue potential once production activities commence. Additionally, the assignment reserves the right to pool the leases. Pooling refers to the process of combining multiple leases into a single unit for production purposes. It allows for more efficient extraction practices, as well as the sharing of costs and royalties among the different leaseholders. The Assignment of Overriding Royalty Interest may also come in different variations depending on the specific details and parties involved. Some possible variations could include: 1. Franklin Ohio Assignment of Overriding Royalty Interest — Horizontal Pooling: This type of agreement specifically addresses the pooling of horizontally drilled wells, which have become a popular method for extracting oil and gas in recent years due to advancements in technology. 2. Franklin Ohio Assignment of Overriding Royalty Interest — Vertical Pooling: This variation pertains to the pooling of vertically drilled wells, commonly used in conventional oil and gas extraction. 3. Franklin Ohio Assignment of Overriding Royalty Interest — Offshore Pooling: If the leases involved are located in offshore areas, such as lake beds or ocean waters, this type of assignment would encompass the specific regulations and requirements associated with offshore oil and gas operations. In conclusion, a Franklin Ohio Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool is a specialized legal document that facilitates the transfer of royalty interests from one party to another. It enables the assignee to potentially benefit from future production activities while allowing for the combination of multiple leases through pooling for more efficient extraction practices.