Pima 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
• County: Pima
• 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. Lima, Arizona, is a location known for its numerous oil and gas leases. Among the various types of agreements in this region, one notable arrangement is the Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing, with Reservation of the Right to Pool. In oil and gas exploration, an overriding royalty interest refers to a percentage of the revenue derived from the production of minerals, commonly given to a third party. In Lima, Arizona, the Assignment of Overriding Royalty Interest with Multiple Leases implies that multiple leases are involved, stipulating that the party holding the overriding royalty interest has the right to receive a portion of the profits from each respective lease. It is important to note that these leases, at the time of this assignment, are non-producing, meaning that no production activities are currently taking place. However, there is a reservation of the right to pool, which is another crucial element of this agreement. Pooling allows for the consolidation of multiple oil and gas leases into a larger drilling unit, boosting efficiency and potential productivity. It allows operators to explore and extract resources more effectively by combining smaller leasehold interests into a single, integrated unit. This type of Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool can be further classified based on specific characteristics or conditions. For example: 1. Time-bound Assignments: These types of assignments have a predetermined duration during which the overriding royalty interest holder is entitled to a portion of the profits from the non-producing leases. 2. Miles-based Assignments: In these assignments, the overriding royalty interest holder receives a portion of the profits based on the distance between the individual leases. 3. Percentage-based Assignments: This assignment type grants the overriding royalty interest holder a fixed percentage of the profits from each non-producing lease. In summary, the Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool is a specialized agreement in Lima, Arizona, allowing third-party entities to receive a portion of the revenue generated from multiple non-producing leases. These assignments can further vary based on time, distance, or percentage.

Lima, Arizona, is a location known for its numerous oil and gas leases. Among the various types of agreements in this region, one notable arrangement is the Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing, with Reservation of the Right to Pool. In oil and gas exploration, an overriding royalty interest refers to a percentage of the revenue derived from the production of minerals, commonly given to a third party. In Lima, Arizona, the Assignment of Overriding Royalty Interest with Multiple Leases implies that multiple leases are involved, stipulating that the party holding the overriding royalty interest has the right to receive a portion of the profits from each respective lease. It is important to note that these leases, at the time of this assignment, are non-producing, meaning that no production activities are currently taking place. However, there is a reservation of the right to pool, which is another crucial element of this agreement. Pooling allows for the consolidation of multiple oil and gas leases into a larger drilling unit, boosting efficiency and potential productivity. It allows operators to explore and extract resources more effectively by combining smaller leasehold interests into a single, integrated unit. This type of Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool can be further classified based on specific characteristics or conditions. For example: 1. Time-bound Assignments: These types of assignments have a predetermined duration during which the overriding royalty interest holder is entitled to a portion of the profits from the non-producing leases. 2. Miles-based Assignments: In these assignments, the overriding royalty interest holder receives a portion of the profits based on the distance between the individual leases. 3. Percentage-based Assignments: This assignment type grants the overriding royalty interest holder a fixed percentage of the profits from each non-producing lease. In summary, the Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool is a specialized agreement in Lima, Arizona, allowing third-party entities to receive a portion of the revenue generated from multiple non-producing leases. These assignments can further vary based on time, distance, or percentage.