Harris Texas Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal agreement that grants certain rights and interests to a party known as the assignee, in relation to oil and gas operations in Harris County, Texas. This type of assignment is specifically applicable to non-producing properties and involves a single lease, while also reserving the right to pool the interests. The assignment of overriding royalty interest refers to the transfer of a portion of the royalty interest from the assignor (current owner) to the assignee. The assignee becomes entitled to receive a percentage of the revenues generated from the production of oil and gas in the specified area covered by the lease. Harris Texas Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) can have different variations and types based on the specific terms and conditions agreed upon by the parties involved. Some notable types include: 1. Fixed Percentage Assignment: In this type, a fixed percentage of the overriding royalty interest is assigned to the assignee, ensuring a stable and predictable income stream regardless of fluctuations in production or prices. 2. Term Assignment: A term assignment restricts the assignee's interest for a specific period, after which the assignor regains full control and ownership of the overriding royalty interest. 3. Limited Assignment: This type of assignment places limits on the assignee's rights, such as only applying to a particular well or defined area within the lease, rather than encompassing the entire lease. 4. Non-Participating Assignment: A non-participating assignment means that the assignee does not have any right to participate in the decision-making process of the operations or access to information regarding the production activities. 5. Carried Interest Assignment: This assignment type implies that the assignee is carried financially by the assignor for a specific period, bearing no responsibility or costs associated with operations until defined conditions are met, and only then begins to receive their assigned overriding royalty interest. In conclusion, the Harris Texas Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a comprehensive legal document that defines the transfer of rights and interests related to non-producing oil and gas properties in Harris County, Texas. It can encompass various types, such as fixed percentage, term, limited, non-participating, and carried interest assignments, each offering different benefits and limitations to the assignee.
Harris Texas Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal agreement that grants certain rights and interests to a party known as the assignee, in relation to oil and gas operations in Harris County, Texas. This type of assignment is specifically applicable to non-producing properties and involves a single lease, while also reserving the right to pool the interests. The assignment of overriding royalty interest refers to the transfer of a portion of the royalty interest from the assignor (current owner) to the assignee. The assignee becomes entitled to receive a percentage of the revenues generated from the production of oil and gas in the specified area covered by the lease. Harris Texas Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) can have different variations and types based on the specific terms and conditions agreed upon by the parties involved. Some notable types include: 1. Fixed Percentage Assignment: In this type, a fixed percentage of the overriding royalty interest is assigned to the assignee, ensuring a stable and predictable income stream regardless of fluctuations in production or prices. 2. Term Assignment: A term assignment restricts the assignee's interest for a specific period, after which the assignor regains full control and ownership of the overriding royalty interest. 3. Limited Assignment: This type of assignment places limits on the assignee's rights, such as only applying to a particular well or defined area within the lease, rather than encompassing the entire lease. 4. Non-Participating Assignment: A non-participating assignment means that the assignee does not have any right to participate in the decision-making process of the operations or access to information regarding the production activities. 5. Carried Interest Assignment: This assignment type implies that the assignee is carried financially by the assignor for a specific period, bearing no responsibility or costs associated with operations until defined conditions are met, and only then begins to receive their assigned overriding royalty interest. In conclusion, the Harris Texas Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a comprehensive legal document that defines the transfer of rights and interests related to non-producing oil and gas properties in Harris County, Texas. It can encompass various types, such as fixed percentage, term, limited, non-participating, and carried interest assignments, each offering different benefits and limitations to the assignee.
