Illinois Division Order is a legal document that outlines the distribution of oil and gas royalties among working interest owners within a specific area in the state of Illinois. It serves as a contractual agreement between the oil company (or operator) and the mineral rights owners, ensuring fair and accurate payments. A Division Order in Illinois contains crucial information such as the legal description of the leased property, the names of the mineral rights owners, their respective ownership percentages, and the allocation of royalty payments. It specifies the specific tract or lease involved, which may consist of a single well or an entire field. There are two main types of Division Orders commonly used in Illinois: 1. Individual Division Order: This type of Division Order is specific to each mineral rights owner. It indicates their ownership percentage and details the calculations used to determine their share of the royalties. It also includes the owner's contact information and tax identification number. 2. Master Division Order: A Master Division Order is typically utilized when there are multiple mineral rights owners involved in a particular property or lease. It consolidates the individual ownership percentages into a single document, simplifying the payment process for the oil company. The Master Division Order ensures that each owner receives their rightful share of the royalties as per their stipulated ownership percentage. Keywords: Illinois, Division Order, oil and gas royalties, working interest owners, legal document, contractual agreement, operator, mineral rights owners, fair payments, leased property, ownership percentages, royalty payments, tract, well, field, individual Division Order, Master Division Order, calculations, contact information, tax identification number.
Illinois Division Order
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How to fill out Illinois Division Order?
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