Colorado Division Order refers to a legal document that outlines the distribution of revenue generated from the production of oil, gas, and other minerals in the state of Colorado. It plays a crucial role in the oil and gas industry by establishing each party's interest and entitlement to the proceeds from the production activities. The Division Order is typically created following the successful drilling and completion of a well and serves to facilitate the proper allocation of royalties among the owners of mineral rights. There are primarily two types of Colorado Division Orders: the Standard Division Order and the Modified Division Order. 1. Standard Division Order: The Standard Division Order is the most commonly used type in Colorado. It typically contains clauses that define the interest owners' decimal interest, details about royalty payments, and the operator's responsibilities in terms of payment distribution. 2. Modified Division Order: The Modified Division Order is a customized version of the Standard Division Order. It is used in situations where deviations from the standard provisions are required to address unique circumstances. These modifications could include changes in royalty rates, payment schedules, or other specific arrangements agreed upon by the parties involved. The primary purpose of Colorado Division Orders is to establish a clear framework for the equitable distribution of royalties and to safeguard the rights and interests of all parties involved. By providing comprehensive information on fractions or decimal interests, well locations, tract descriptions, and other pertinent details, the Division Order ensures accurate and timely payment to each owner. Keywords: Colorado Division Order, revenue distribution, oil and gas industry, mineral rights, royalties, Standard Division Order, Modified Division Order, decimal interest, payment distribution, equitable distribution, rights and interests, fractions, decimal interests, well locations, tract descriptions.
Colorado Division Order
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