Phoenix Arizona 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
• City: Phoenix
• 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. Phoenix, Arizona Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool refers to a contractual agreement in the field of oil and gas exploration. In this arrangement, individuals or companies assign their overriding royalty interests (ORI's) to another party, specifically pertaining to multiple leases in Phoenix, Arizona, that are currently non-producing. An overriding royalty interest is a share of the production or revenue generated from an oil or gas lease. It is a separate interest from the working interest, which is the ownership that bears the costs and risks of drilling and operating the well. In the context of non-producing leases, this Assignment allows the assignee to receive future revenue from these leases if they become productive. The Assignment also includes a reservation of the right to pool, which grants the assignor the ability to combine or pool their ORI's with other interests in the same area. Pooling is a strategic approach aimed at enhancing the efficiency of oil and gas extraction, enabling operators to extract resources from multiple leases using shared resources and infrastructure. Different types of Phoenix, Arizona Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool may include: 1. Individual Assignment: A single assignor transfers their ORI's from multiple non-producing leases to a designated assignee. This type is common when an individual holds ORI's across various leases but wishes to consolidate them under one entity. 2. Corporate Assignment: In this type, a company or corporation assigns its ORI's from multiple leases to another entity with the expertise and resources to potentially increase production in the future. This allows the assigning company to focus on other aspects of their business while still retaining a potential revenue stream. 3. Consortium Assignment: Multiple assignors, which may be individuals or companies, collectively assign their ORI's from non-producing leases to a consortium or joint venture. This type promotes collaboration and pooling of resources to develop a more comprehensive strategy for future production. Overall, the Phoenix, Arizona Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool offers a contractual framework for individuals or entities to leverage their non-producing ORI's, potentially maximizing returns in the event of future production. By assigning their interests while reserving the right to pool, assignors can participate in the development of these oil and gas resources without bearing the costs and risks associated with drilling and operating the wells themselves.

Phoenix, Arizona Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool refers to a contractual agreement in the field of oil and gas exploration. In this arrangement, individuals or companies assign their overriding royalty interests (ORI's) to another party, specifically pertaining to multiple leases in Phoenix, Arizona, that are currently non-producing. An overriding royalty interest is a share of the production or revenue generated from an oil or gas lease. It is a separate interest from the working interest, which is the ownership that bears the costs and risks of drilling and operating the well. In the context of non-producing leases, this Assignment allows the assignee to receive future revenue from these leases if they become productive. The Assignment also includes a reservation of the right to pool, which grants the assignor the ability to combine or pool their ORI's with other interests in the same area. Pooling is a strategic approach aimed at enhancing the efficiency of oil and gas extraction, enabling operators to extract resources from multiple leases using shared resources and infrastructure. Different types of Phoenix, Arizona Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool may include: 1. Individual Assignment: A single assignor transfers their ORI's from multiple non-producing leases to a designated assignee. This type is common when an individual holds ORI's across various leases but wishes to consolidate them under one entity. 2. Corporate Assignment: In this type, a company or corporation assigns its ORI's from multiple leases to another entity with the expertise and resources to potentially increase production in the future. This allows the assigning company to focus on other aspects of their business while still retaining a potential revenue stream. 3. Consortium Assignment: Multiple assignors, which may be individuals or companies, collectively assign their ORI's from non-producing leases to a consortium or joint venture. This type promotes collaboration and pooling of resources to develop a more comprehensive strategy for future production. Overall, the Phoenix, Arizona Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool offers a contractual framework for individuals or entities to leverage their non-producing ORI's, potentially maximizing returns in the event of future production. By assigning their interests while reserving the right to pool, assignors can participate in the development of these oil and gas resources without bearing the costs and risks associated with drilling and operating the wells themselves.