King Washington Assignment of Overriding Royalty Interest (No Proportionate Reduction)

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: King
• Control #: US-OG-939
• Format: Word; Rich Text

Description

This form is an assignment of overriding royalty interest with no proportionate reduction. King Washington Assignment of Overriding Royalty Interest (No Proportionate Reduction) is a legal document that involves the transfer of the rights to receive a specific portion of the income generated from oil and gas production. This type of assignment typically does not allow for the reduction or decrease in the assigned interest, regardless of any changes in the overall production or revenue. An overriding royalty interest is an interest in the production of oil and gas that is separate from the working or leasehold interest. It entitles the owner to a share of the proceeds from the production, but without any obligation to pay the costs of drilling or operating the wells. The King Washington Assignment of Overriding Royalty Interest (No Proportionate Reduction) can be further categorized into different types based on the specific terms and conditions of the agreement. Some of these types include: 1. Fixed Assignments: In this type, a fixed percentage of the overriding royalty interest is assigned to the assignee, and this percentage remains constant regardless of any changes in production levels. 2. Floating Assignments: Unlike fixed assignments, floating assignments allow for a percentage of the overriding royalty interest to be adjusted based on changes in production or revenue. The assigned interest may increase or decrease proportionately with the overall production. 3. Temporary Assignments: Temporary assignments of overriding royalty interest are those where the assignee's rights are limited to a specified period. Once the assigned period elapses, the assignor regains full control over the overriding royalty interest. 4. Permanent Assignments: Permanent assignments transfer the overriding royalty interest permanently from the assignor to the assignee. The assignor no longer retains any rights to the assigned interest, and the assignee assumes all the benefits and burdens associated with the interest. 5. Partial Assignments: In some cases, an assignor may choose to assign only a portion of their overriding royalty interest, while retaining the remaining interest. This allows for the assignor to benefit from a part of the production revenue while sharing the burden with the assignee. The King Washington Assignment of Overriding Royalty Interest (No Proportionate Reduction) document plays a crucial role in the oil and gas industry, as it facilitates the transfer of rights and interests between parties. It provides a clear understanding of the assigned interest, the rights and responsibilities of the assignor and assignee, and any specific conditions or restrictions governing the royalty interest.

King Washington Assignment of Overriding Royalty Interest (No Proportionate Reduction) is a legal document that involves the transfer of the rights to receive a specific portion of the income generated from oil and gas production. This type of assignment typically does not allow for the reduction or decrease in the assigned interest, regardless of any changes in the overall production or revenue. An overriding royalty interest is an interest in the production of oil and gas that is separate from the working or leasehold interest. It entitles the owner to a share of the proceeds from the production, but without any obligation to pay the costs of drilling or operating the wells. The King Washington Assignment of Overriding Royalty Interest (No Proportionate Reduction) can be further categorized into different types based on the specific terms and conditions of the agreement. Some of these types include: 1. Fixed Assignments: In this type, a fixed percentage of the overriding royalty interest is assigned to the assignee, and this percentage remains constant regardless of any changes in production levels. 2. Floating Assignments: Unlike fixed assignments, floating assignments allow for a percentage of the overriding royalty interest to be adjusted based on changes in production or revenue. The assigned interest may increase or decrease proportionately with the overall production. 3. Temporary Assignments: Temporary assignments of overriding royalty interest are those where the assignee's rights are limited to a specified period. Once the assigned period elapses, the assignor regains full control over the overriding royalty interest. 4. Permanent Assignments: Permanent assignments transfer the overriding royalty interest permanently from the assignor to the assignee. The assignor no longer retains any rights to the assigned interest, and the assignee assumes all the benefits and burdens associated with the interest. 5. Partial Assignments: In some cases, an assignor may choose to assign only a portion of their overriding royalty interest, while retaining the remaining interest. This allows for the assignor to benefit from a part of the production revenue while sharing the burden with the assignee. The King Washington Assignment of Overriding Royalty Interest (No Proportionate Reduction) document plays a crucial role in the oil and gas industry, as it facilitates the transfer of rights and interests between parties. It provides a clear understanding of the assigned interest, the rights and responsibilities of the assignor and assignee, and any specific conditions or restrictions governing the royalty interest.