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What is the difference between record title and operating rights?
The record title interest includes the obligation to pay rent and the rights to assign and relinquish the lease. [1] The operating rights interest authorizes the holder to drill for and conduct operations and produce the leased substances.
What is the assignment of oil and gas interest?
The lessee of an oil or gas lease can assign the entire lease or part of it. In other words, the lessee can sell or transfer part of the estate or the entire estate to which they have the working rights. The assignee is assigned the working interest and lease obligations, including override royalty.
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May 20, 2010 Over the years since the Mineral Leasing Act was enacted in 1920, BLM has used several lease forms to issue leases under the pre-FOOGLRA and.
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