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

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: Franklin
• Control #: US-OG-940
• Format: Word; Rich Text

Description

This form is an assignment of overriding royalty interest for a non-producing, single lease with reserves the right to pool. Franklin Ohio Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legally binding document that transfers the rights to receive a percentage of the gross proceeds from the production of oil, gas, or minerals in Franklin, Ohio, to another party. Keywords related to this topic include Franklin Ohio, Assignment of Overriding Royalty Interest, Non-Producing, Single Lease, and Reserves Right to Pool. The Assignment of Overriding Royalty Interest allows the assignor, the current owner of the interest, to assign or transfer their overriding royalty interest to the assignee. In this case, the assignment is specific to Franklin, Ohio, highlighting the location where the rights are being transferred. The term "Non-Producing" indicates that the overriding royalty interest is not currently generating any production or income. This means that at the time of the assignment, there is no active production on the lease or property, and as such, the assignee will not be receiving any immediate payments. Instead, they will have the right to receive a percentage of future proceeds once production commences. The document also specifies that the assignment pertains to a "Single Lease," indicating that it applies to a specific lease agreement. It implies that the overriding royalty interest being assigned is associated with one lease rather than multiple leases or properties. This provision clarifies the scope and limits of the assignment. Additionally, the Assignment of Overriding Royalty Interest reserves the right to pool. Pooling refers to the process of combining multiple leases or tracts of land into a single unit to enhance efficient and economical production of oil, gas, or minerals. By reserving the right to pool, the assignor ensures that the diversity and potential for future development are maintained. Different types of Franklin Ohio Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) may include variations in royalty percentages, terms and conditions, and provisions. These variations can be tailored to meet specific needs or requirements of the parties involved. It is essential to consult legal professionals or experts familiar with Ohio oil, gas, and mineral laws to ensure compliance and understanding of these assignments.

Franklin Ohio Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legally binding document that transfers the rights to receive a percentage of the gross proceeds from the production of oil, gas, or minerals in Franklin, Ohio, to another party. Keywords related to this topic include Franklin Ohio, Assignment of Overriding Royalty Interest, Non-Producing, Single Lease, and Reserves Right to Pool. The Assignment of Overriding Royalty Interest allows the assignor, the current owner of the interest, to assign or transfer their overriding royalty interest to the assignee. In this case, the assignment is specific to Franklin, Ohio, highlighting the location where the rights are being transferred. The term "Non-Producing" indicates that the overriding royalty interest is not currently generating any production or income. This means that at the time of the assignment, there is no active production on the lease or property, and as such, the assignee will not be receiving any immediate payments. Instead, they will have the right to receive a percentage of future proceeds once production commences. The document also specifies that the assignment pertains to a "Single Lease," indicating that it applies to a specific lease agreement. It implies that the overriding royalty interest being assigned is associated with one lease rather than multiple leases or properties. This provision clarifies the scope and limits of the assignment. Additionally, the Assignment of Overriding Royalty Interest reserves the right to pool. Pooling refers to the process of combining multiple leases or tracts of land into a single unit to enhance efficient and economical production of oil, gas, or minerals. By reserving the right to pool, the assignor ensures that the diversity and potential for future development are maintained. Different types of Franklin Ohio Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) may include variations in royalty percentages, terms and conditions, and provisions. These variations can be tailored to meet specific needs or requirements of the parties involved. It is essential to consult legal professionals or experts familiar with Ohio oil, gas, and mineral laws to ensure compliance and understanding of these assignments.