Idaho Oil and Gas Division Order

• Category: Oil Gas and Minerals - Division and Transfer Orders
• State: Multi-State
• Control #: US-OG-323
• Format: Word; Rich Text

Description

This form is used to determine revenue payments and is issued to interest owners for a signature. The form includes the name of the interest owner, the interest for each interest owner, a legal description of the property, and the operator's name. The Idaho Oil and Gas Division Order is a legal document that governs the distribution of oil and gas proceeds among the various mineral interest owners within the state. It is an essential instrument used in the oil and gas industry to establish and regulate the ownership and payment of royalties for oil and gas production in Idaho. The Division Order serves as a contract between the mineral interest owner and the operator, outlining the rights and responsibilities of each party involved. It specifies the specific terms and conditions governing the payment process, including the calculation and distribution of royalties, net revenue interest, decimal interest, and lease provisions. There are different types of Idaho Oil and Gas Division Orders based on the specific circumstances and characteristics of the oil and gas lease. Some common types include: 1. Standard Division Order: This is the most basic type of division order, typically used for straightforward mineral leases where there are no complex provisions or unique circumstances. 2. Altered Division Order: This type of division order is used when there is a need to modify or alter the standard terms and conditions due to specific circumstances, such as changes in ownership, new mineral interest owners, or changes in payment structure. 3. Suspended Division Order: In certain situations, the division order may be suspended temporarily if there are disputes or legal issues concerning ownership rights or other critical aspects. This allows the parties involved to resolve the matter before royalties are distributed. 4. Supplemental Division Order: If there are additional provisions or requirements that need to be included in the division order, a supplemental division order may be created. This can be due to unconventional lease terms, unique payment structures, or additional agreements between the parties involved. The Idaho Oil and Gas Division Order is a crucial document that ensures fair and accurate distribution of royalties in the oil and gas industry. It provides transparency and clarity to all parties involved, preventing disputes and ensuring compliance with legal requirements.

The Idaho Oil and Gas Division Order is a legal document that governs the distribution of oil and gas proceeds among the various mineral interest owners within the state. It is an essential instrument used in the oil and gas industry to establish and regulate the ownership and payment of royalties for oil and gas production in Idaho. The Division Order serves as a contract between the mineral interest owner and the operator, outlining the rights and responsibilities of each party involved. It specifies the specific terms and conditions governing the payment process, including the calculation and distribution of royalties, net revenue interest, decimal interest, and lease provisions. There are different types of Idaho Oil and Gas Division Orders based on the specific circumstances and characteristics of the oil and gas lease. Some common types include: 1. Standard Division Order: This is the most basic type of division order, typically used for straightforward mineral leases where there are no complex provisions or unique circumstances. 2. Altered Division Order: This type of division order is used when there is a need to modify or alter the standard terms and conditions due to specific circumstances, such as changes in ownership, new mineral interest owners, or changes in payment structure. 3. Suspended Division Order: In certain situations, the division order may be suspended temporarily if there are disputes or legal issues concerning ownership rights or other critical aspects. This allows the parties involved to resolve the matter before royalties are distributed. 4. Supplemental Division Order: If there are additional provisions or requirements that need to be included in the division order, a supplemental division order may be created. This can be due to unconventional lease terms, unique payment structures, or additional agreements between the parties involved. The Idaho Oil and Gas Division Order is a crucial document that ensures fair and accurate distribution of royalties in the oil and gas industry. It provides transparency and clarity to all parties involved, preventing disputes and ensuring compliance with legal requirements.