Common use of ASSIGNMENT OF RECORD TITLE Clause in Contracts

ASSIGNMENT OF RECORD TITLE. Within three (3) business days from receipt of the Sunk Land Costs, LLOG shall execute and deliver to Ridgewood an Assignment of Record Title Interest delivering to Ridgewood a 50% of 6/6ths Record Title Interest in the Redacted Lease. The Assignment shall be without warranty of title, either express or implied, except by, through and under LLOG, but not otherwise. Additionally, such Assignment shall be subject to the approval of the authorized officer of the U.S. Mineral Management Service (“MMS”). The Assignment shall be prepared with an attached Exhibit “A” thereto, with said Exhibit “A” being a mutually acceptable assignment form which can be executed by the parties and recorded in the appropriate County/Parish, as applicable. The Assignment shall be subject to; 1. The Option Agreement (attached hereto as Exhibit “B”). 2. The September 1, 2008 Offshore Operating Agreement (“OOA”) between LLOG and Apache, covering the CPA, and ratified by Ridgewood. 3. A 1% overriding royalty interest in favor of Seitel Data, Ltd proportionately reduced amongst the participating parties in the CPA and/or Redacted Lease outside the CPA. By letter dated July 22, 2008, Seitel agreed to pool their overriding royalty interest in the CPA, giving them a 0.5% in the CPA and a 1% in the redacted Lease outside the CPA. Ridgewood’s net revenue interest in the CPA and the Redacted Lease is set forth on Exhibit “A”. LLOG and Ridgewood agree to execute any necessary documents and take all other actions reasonably necessary, if any, to assist in the MMS approval process.