Chicago Illinois Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)

State:
Multi-State
City:
Chicago
Control #:
US-OG-940
Format:
Word; 
Rich Text
Instant download

Description

This form is an assignment of overriding royalty interest for a non-producing, single lease with reserves the right to pool. Chicago, Illinois Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal agreement commonly used in the oil and gas industry. It involves the transfer of a portion of the royalty interest to a third party, known as the assignee, who will receive a portion of the revenue generated from the production of oil or gas from a specific lease. This type of assignment applies specifically to non-producing leases in the Chicago, Illinois area. Non-producing leases refer to leases that have not yet commenced production of oil or gas. By entering into this agreement, the assignee assumes the right to receive a percentage of the royalty payments once production begins on the lease. Furthermore, this assignment specifically pertains to single leases. A single lease refers to a lease agreement that covers a specific tract of land, as opposed to multiple leases that may cover multiple tracts of land. In the context of Chicago, Illinois, a single lease could be associated with a specific oil or gas reservoir within the region. Lastly, the assignment reserves the right to pool. Pooling refers to the practice of combining adjacent leases or tracts of land into a unified production unit. This enables the efficient extraction of oil or gas deposits that may cross lease boundaries. By reserving the right to pool, the assignee retains the option to participate in future pooling activities if it becomes necessary or advantageous for optimal resource extraction. There may be variations or other types of Chicago, Illinois Assignment of Overriding Royalty Interest agreements, depending on the specific circumstances and requirements of the parties involved. These could involve different lease types, such as producing leases, or may have different provisions regarding the right to pool. It is important to consult with a legal professional familiar with the local laws and regulations to ensure compliance and understanding of the specific terms and conditions of any assignment of overriding royalty interest in Chicago, Illinois.

Chicago, Illinois Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal agreement commonly used in the oil and gas industry. It involves the transfer of a portion of the royalty interest to a third party, known as the assignee, who will receive a portion of the revenue generated from the production of oil or gas from a specific lease. This type of assignment applies specifically to non-producing leases in the Chicago, Illinois area. Non-producing leases refer to leases that have not yet commenced production of oil or gas. By entering into this agreement, the assignee assumes the right to receive a percentage of the royalty payments once production begins on the lease. Furthermore, this assignment specifically pertains to single leases. A single lease refers to a lease agreement that covers a specific tract of land, as opposed to multiple leases that may cover multiple tracts of land. In the context of Chicago, Illinois, a single lease could be associated with a specific oil or gas reservoir within the region. Lastly, the assignment reserves the right to pool. Pooling refers to the practice of combining adjacent leases or tracts of land into a unified production unit. This enables the efficient extraction of oil or gas deposits that may cross lease boundaries. By reserving the right to pool, the assignee retains the option to participate in future pooling activities if it becomes necessary or advantageous for optimal resource extraction. There may be variations or other types of Chicago, Illinois Assignment of Overriding Royalty Interest agreements, depending on the specific circumstances and requirements of the parties involved. These could involve different lease types, such as producing leases, or may have different provisions regarding the right to pool. It is important to consult with a legal professional familiar with the local laws and regulations to ensure compliance and understanding of the specific terms and conditions of any assignment of overriding royalty interest in Chicago, Illinois.

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Chicago Illinois Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)