Harris Texas Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool refers to a legal agreement in the oil and gas industry which involves transferring the rights to receive a percentage of the proceeds from oil and gas production (royalty interest) from one party to another in the Harris County, Texas region. This assignment specifically applies to cases where there are multiple leases in place that are not currently producing any resources. The assignment agreement allows the assignor (the current holder of the overriding royalty interest) to transfer their interest to the assignee (the recipient of the assignment). The assignee will then have the right to receive a percentage of the future proceeds from the production of oil and gas on the leased property, even if the leases are non-producing at the time of the assignment. In addition, this assignment includes a reservation of the right to pool. Pooling refers to the process of combining multiple leases or interests within a specific area to create a larger drilling unit. By reserving the right to pool, the assignor ensures that if productive wells are drilled in the future, their royalty interest will apply to the pooled unit, allowing them to benefit from the production. Different types of Harris Texas Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool may vary based on specific details and clauses included in the agreement. Some types may involve different percentages of overriding royalty interest being assigned, varying reserved rights, or additional contingencies based on the specific leases involved. Potential keywords relevant to this topic: Harris Texas, assignment, overriding royalty interest, non-producing leases, right to pool, oil and gas industry, transfer of rights, royalty interest, assignment agreement, production proceeds, pooling, drilling unit, productive wells, specific clauses, lease details, reserved rights, contingencies.
Harris Texas Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool
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