This form is used to commence revenue payments when ownership is being transferred between parties. The Transfer Order includes the name of each interest owner, the interest for each interest owner, a legal description of the property, and the operator's name.
Kansas Oil and Gas Transfer Order is a legal document that facilitates the transfer of ownership rights and responsibilities of oil and gas properties in the state of Kansas, United States. It serves as an official notice to the Kansas Corporation Commission (KCC) and is an essential step in the process of changing the ownership of oil and gas leases, wells, and related assets. The Kansas Oil and Gas Transfer Order is required when there is a change in ownership, such as the sale, assignment, or conveyance of oil and gas interests. The purpose of this order is to ensure that the KCC maintains accurate records of ownership and to regulate the production, exploration, and transportation of oil and gas resources within the state. When an individual, company, or entity intends to transfer ownership of oil and gas assets in Kansas, they must file a Kansas Oil and Gas Transfer Order with the KCC. This order typically includes important details such as the name and contact information of the current and new owner, legal property descriptions, lease numbers, well identification, and any related agreements. The Kansas Oil and Gas Transfer Order can be subdivided into different types, depending on the specific circumstances of the transfer. Some types include: 1. Assignment of Interest Transfer Order: This type of transfer order is utilized when the ownership of an oil and gas interest is assigned from one party (assignor) to another (assignee). It involves the legal transfer of rights, title, and interest, and the assignee assumes all associated responsibilities. 2. Conveyance Transfer Order: A conveyance transfer order is used when the ownership of oil and gas properties is transferred through a deed or other conveyance document. It involves a sale, gift, or exchange of property, and transfers both the surface and subsurface rights to the new owner. 3. Merger and Acquisition Transfer Order: This type of transfer order is applicable when two or more companies merge or one company acquires another, resulting in a change in the ownership of oil and gas assets. It typically involves the transfer of all assets, liabilities, and contractual obligations. 4. Inheritance Transfer Order: In circumstances where the ownership of oil and gas properties is transferred due to the death of the owner, an inheritance transfer order is required. It facilitates the transfer of ownership to the rightful heir(s) or beneficiary(IES) according to the deceased owner's will or applicable laws of succession. In conclusion, the Kansas Oil and Gas Transfer Order is a crucial legal document used to effectuate the transfer of ownership of oil and gas properties in Kansas, ensuring accurate record-keeping and regulatory compliance. Various types of transfer orders exist, including assignment, conveyance, merger and acquisition, and inheritance transfer orders, each tailored to specific circumstances of the ownership change.
