Suffolk 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: Suffolk
• 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. Suffolk New York is a county located in the eastern part of Long Island. It is known for its beautiful beaches, rich history, and vibrant communities. Within Suffolk New York, there are various assignments of overriding royalty interests (ORRIS) with multiple leases that are non-producing, yet have the reservation of the right to pool. 1. "Assignment of Overriding Royalty Interest": This type of assignment refers to the transfer of a part of the royalty interest owned by a party to another party. It typically includes details such as the specific percentage of the interest being assigned and the specific leases to which it applies. In Suffolk New York, these assignments may involve non-producing properties. 2. "Multiple Leases that are Non Producing": This category pertains to leases in Suffolk New York that have not yet begun or successfully commenced production. Despite lacking current production, these leases may still hold significant potential for future extraction of natural resources. 3. "Reservation of the Right to Pool": This refers to the retention of the legal right to combine or merge multiple leases for joint exploration and production purposes. The pooling of leases allows operators to optimize drilling efforts and potentially extract resources more efficiently. In the context of Suffolk New York, multiple non-producing leases may be pooled together to leverage their collective potential. With the combination of these elements, the Suffolk New York Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool aims to provide an opportunity for investors or parties involved to acquire a portion of the royalty interest associated with non-producing leases. This allows them to potentially benefit from future production once the leases become active and are successfully pooled. By pooling these leases, operators can maximize their chances of discovering and extracting valuable natural resources in Suffolk New York.

Suffolk New York is a county located in the eastern part of Long Island. It is known for its beautiful beaches, rich history, and vibrant communities. Within Suffolk New York, there are various assignments of overriding royalty interests (ORRIS) with multiple leases that are non-producing, yet have the reservation of the right to pool. 1. "Assignment of Overriding Royalty Interest": This type of assignment refers to the transfer of a part of the royalty interest owned by a party to another party. It typically includes details such as the specific percentage of the interest being assigned and the specific leases to which it applies. In Suffolk New York, these assignments may involve non-producing properties. 2. "Multiple Leases that are Non Producing": This category pertains to leases in Suffolk New York that have not yet begun or successfully commenced production. Despite lacking current production, these leases may still hold significant potential for future extraction of natural resources. 3. "Reservation of the Right to Pool": This refers to the retention of the legal right to combine or merge multiple leases for joint exploration and production purposes. The pooling of leases allows operators to optimize drilling efforts and potentially extract resources more efficiently. In the context of Suffolk New York, multiple non-producing leases may be pooled together to leverage their collective potential. With the combination of these elements, the Suffolk New York Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool aims to provide an opportunity for investors or parties involved to acquire a portion of the royalty interest associated with non-producing leases. This allows them to potentially benefit from future production once the leases become active and are successfully pooled. By pooling these leases, operators can maximize their chances of discovering and extracting valuable natural resources in Suffolk New York.