Kings New York 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: Kings
• 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. 1. Kings New York Assignment of Overriding Royalty Interest: The Kings New York Assignment of Overriding Royalty Interest refers to the transfer of a percentage share of royalties from oil, gas, or mineral production rights in a specific area located in Kings County, New York. This assignment allows the assignee to receive a portion of the revenue generated from the production of these resources. 2. Multiple Leases: In the context of the Kings New York Assignment of Overriding Royalty Interest, multiple leases refer to the existence of more than one lease agreement within the assigned area. These lease agreements grant different parties the right to explore and extract oil, gas, or mineral resources from specific sections of the designated area. 3. Non-Producing Leases: Non-producing leases are lease agreements within the assigned area that have not yet commenced or are currently not producing any oil, gas, or mineral resources. These leases may still be in the exploration or development stage, waiting for further development activities to begin production. 4. Reservation of the Right to Pool: The reservation of the right to pool is a provision within the Kings New York Assignment of Overriding Royalty Interest that allows for the combining of contiguous leases or portions of leases within the assigned area. This pooling provision consolidates multiple leasehold interests, enabling efficient resource extraction and maximizing production potential. (Additional types of assignments or variations of the Kings New York Assignment of Overriding Royalty Interest could include specific areas, distinct lease structures, or alternative royalty schemes. For example, it could be Kings New York Assignment of Overriding Royalty Interest in Onshore Leases or Kings New York Assignment of Overriding Royalty Interest with Stacked Leases.)

1. Kings New York Assignment of Overriding Royalty Interest: The Kings New York Assignment of Overriding Royalty Interest refers to the transfer of a percentage share of royalties from oil, gas, or mineral production rights in a specific area located in Kings County, New York. This assignment allows the assignee to receive a portion of the revenue generated from the production of these resources. 2. Multiple Leases: In the context of the Kings New York Assignment of Overriding Royalty Interest, multiple leases refer to the existence of more than one lease agreement within the assigned area. These lease agreements grant different parties the right to explore and extract oil, gas, or mineral resources from specific sections of the designated area. 3. Non-Producing Leases: Non-producing leases are lease agreements within the assigned area that have not yet commenced or are currently not producing any oil, gas, or mineral resources. These leases may still be in the exploration or development stage, waiting for further development activities to begin production. 4. Reservation of the Right to Pool: The reservation of the right to pool is a provision within the Kings New York Assignment of Overriding Royalty Interest that allows for the combining of contiguous leases or portions of leases within the assigned area. This pooling provision consolidates multiple leasehold interests, enabling efficient resource extraction and maximizing production potential. (Additional types of assignments or variations of the Kings New York Assignment of Overriding Royalty Interest could include specific areas, distinct lease structures, or alternative royalty schemes. For example, it could be Kings New York Assignment of Overriding Royalty Interest in Onshore Leases or Kings New York Assignment of Overriding Royalty Interest with Stacked Leases.)