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Nebraska Assignment of Oil and Gas Lease

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Nebraska Assignment of Oil and Gas Lease Powered By Docstoc
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                             This is an agreement that transfers the rights and responsibilities of a party under an oil and
                             gas lease to a third party. The agreement transfers the rights to use oil and gas with
                             regards to a specific leased property. The third party acquires the same rights and
                             privileges as the transferring party and the transferring party will remain liable under the
                             original lease unless they are released by the landlord. This document should be used by
                             individuals or entities located in Nebraska seeking to assign or acquire rights under an oil
                             and gas lease.
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                        ASSIGNMENT OF OIL AND GAS LEASE

This Assignment is made and entered into on ______ [Month] ____ [ Date], 20___, which shall
also be the effective date of this agreement, for all purposes, by and between
_____________________ [Instruction: Insert the name of individual/company], (hereinafter
referred to as “Assignor”), having principal place of business at _____________________
[Instruction: Insert the address of individual/company] and _____________________
[Instruction: Insert the name of individual/company], (hereinafter referred to as “Assignee”),
having principal place of business at _____________________ [Instruction: Insert the address
of individual/company], individually termed as “Party” and collectively termed as “Parties”
agree that:

                                       Identity of Lease

WHEREAS, Assignor is Lessee under an Oil and Gas Lease executed on ______ [Month] ____
[Date], 20___, by Assignor as Lessee and ___________________________ [Instruction: Insert
the name or names of the actual owner/lessor of the property], covering the real property in
the County of ___________, [Instruction: Insert the County] Nebraska described as follows
(hereinafter termed as the “Assigned Premises”):

______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
[Instructions: Insert legal description of real property]; and

WHEREAS, that lease is duly recorded in Book ___________, [Instruction: Insert the book
name] at Page ___________ [Instruction: Insert the page number] of the official records of
the county of __________, [Instruction: Insert the County] Nebraska.

                                         Assignment

   NOW, THEREFORE, in consideration for the sum of ________ ($___) [Instruction:
   Insert the sum, e.g., fifty thousand dollars ($50,000)] (hereinafter termed as the
   “Assignment Price”) and other good and valuable consideration, receipt of which is hereby
   acknowledged, Assignor does hereby assign and transfer to Assignee all of Assignor's right
   and interest in the lease and the real property covered by the lease, on the following terms
   and conditions:

1. Override Royalty:

   a) There is excepted from the above assignment reserved and retained in Assignor an
      overriding royalty equal to ______ (__ %) [e.g., six percent (6%)] [Instruction: Insert
      the fraction or percentage of royalty] of the value of all oil, gas or associated liquid or
      gaseous hydrocarbons produced and saved from or attributable to each of the tracts
      comprising the land covered by the Assigned Premises and removed under the lease, and
      the net proceeds received by Assignee from the sale of all gas and casing head gasoline
       produced and sold under the lease. Assignee agrees that all overriding royalties paid to
       Assignor hereunder shall be without deduction for the cost of producing, gathering,
       storing, separating, treating, dehydrating, compressing, processing and otherwise making
       the oil, gas and other products produced hereunder ready for sale or use and transporting
       production on the Assigned Premises or to a commingled facility in the Assigned
 
				
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Description: This is an agreement that transfers the rights and responsibilities of a party under an oil and gas lease to a third party. The agreement transfers the rights to use oil and gas with regards to a specific leased property. The third party acquires the same rights and privileges as the transferring party and the transferring party will remain liable under the original lease unless they are released by the landlord. This document should be used by individuals or entities located in Nebraska seeking to assign or acquire rights under an oil and gas lease.
This document is also part of a package Essential Nebraska Legal Documents 145 Documents Included