Allegheny Pennsylvania Assignment of Overriding Royalty Interest (By Owner of Override)

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: Allegheny
• Control #: US-OG-938
• Format: Word; Rich Text

Description

This form is an assignment of overriding royalty interest by owner of override. Allegheny County, Pennsylvania, is a county located in the southwestern part of the state. It is home to the city of Pittsburgh, the second-largest city in Pennsylvania. With a population of over 1.2 million people, Allegheny County is the most populous county in the state. An "Assignment of Overriding Royalty Interest (By Owner of Override)" refers to the transfer of the right to receive a portion of the profits generated from oil, gas, or mineral production on a particular property. The "override" refers to an interest that is carved out of the working interest, which is typically held by the operator or leaseholder of a property. In Allegheny County, there may be different types of Assignment of Overriding Royalty Interest (By Owner of Override) depending on the specific terms and conditions outlined in the agreement. These variations may include: 1. Fixed Override: In this type of assignment, the overriding royalty interest is a fixed percentage of the gross proceeds from the production. It remains constant regardless of changes in production rates or other factors. 2. Sliding Scale Override: With a sliding scale override, the percentage of the overriding royalty interest can vary based on certain predetermined criteria. These criteria may include production levels, commodity prices, or other factors that may impact revenue generation. 3. Term Override: This type of assignment applies for a specific duration defined in the agreement. It may be limited to a certain number of years or until a specified milestone is reached, such as a predetermined amount of revenue being generated. 4. Area-Specific Override: In some cases, an Override Assignment in Allegheny County may be restricted to a specific geographic area or a particular leasehold interest. This means that the overriding royalty interest only applies to production on those designated properties. It is important to consult with legal and financial professionals when dealing with Assignment of Overriding Royalty Interest (By Owner of Override) agreements in Allegheny County or any other jurisdiction to understand the specific terms and implications of such agreements.

Allegheny County, Pennsylvania, is a county located in the southwestern part of the state. It is home to the city of Pittsburgh, the second-largest city in Pennsylvania. With a population of over 1.2 million people, Allegheny County is the most populous county in the state. An "Assignment of Overriding Royalty Interest (By Owner of Override)" refers to the transfer of the right to receive a portion of the profits generated from oil, gas, or mineral production on a particular property. The "override" refers to an interest that is carved out of the working interest, which is typically held by the operator or leaseholder of a property. In Allegheny County, there may be different types of Assignment of Overriding Royalty Interest (By Owner of Override) depending on the specific terms and conditions outlined in the agreement. These variations may include: 1. Fixed Override: In this type of assignment, the overriding royalty interest is a fixed percentage of the gross proceeds from the production. It remains constant regardless of changes in production rates or other factors. 2. Sliding Scale Override: With a sliding scale override, the percentage of the overriding royalty interest can vary based on certain predetermined criteria. These criteria may include production levels, commodity prices, or other factors that may impact revenue generation. 3. Term Override: This type of assignment applies for a specific duration defined in the agreement. It may be limited to a certain number of years or until a specified milestone is reached, such as a predetermined amount of revenue being generated. 4. Area-Specific Override: In some cases, an Override Assignment in Allegheny County may be restricted to a specific geographic area or a particular leasehold interest. This means that the overriding royalty interest only applies to production on those designated properties. It is important to consult with legal and financial professionals when dealing with Assignment of Overriding Royalty Interest (By Owner of Override) agreements in Allegheny County or any other jurisdiction to understand the specific terms and implications of such agreements.