Oklahoma Durable Power of Attorney to Execute Oil and Gas Lease is a legal document that grants someone, known as the "principal," the authority to appoint another person, the "attorney-in-fact," to act on their behalf in executing oil and gas leases in Oklahoma. This power of attorney allows the attorney-in-fact to negotiate and execute leases related to the exploration, development, and production of oil and gas resources on behalf of the principal. In Oklahoma, there are different types of Durable Power of Attorney to Execute Oil and Gas Lease: 1. Limited Power of Attorney: This type of power of attorney grants the attorney-in-fact specific and limited powers to execute oil and gas leases within a specified time frame or for a particular project. It is typically used for short-term or specific purpose leases. 2. General Power of Attorney: A general power of attorney is broader in scope and authorizes the attorney-in-fact to execute oil and gas leases on behalf of the principal without limitations, subject to any specific instructions or restrictions provided in the document. It provides more comprehensive authority and is commonly used for long-term or ongoing leasing activities. 3. Springing Power of Attorney: Unlike the traditional durable power of attorney, a springing power of attorney becomes effective only upon the occurrence of a specific event or condition stated in the document. In the context of executing oil and gas leases, this type of power of attorney may only come into effect when the principal becomes physically or mentally incapacitated, ensuring that their interests are protected even in such circumstances. 4. Irrevocable Power of Attorney: An irrevocable power of attorney for oil and gas leases cannot be terminated or revoked by the principal once executed, unless specific conditions or limitations stated in the document are met. It transfers substantial authority and control to the attorney-in-fact, typically used when the principal needs a long-term representative or wishes to maintain consistency in leasing decisions. Executing an oil and gas lease in Oklahoma requires compliance with specific laws and regulations governing the industry. Having a durable power of attorney simplifies and streamlines the process, allowing the attorney-in-fact to act on behalf of the principal and ensure their interests are upheld.
Oklahoma Durable Power of Attorney to Execute Oil and Gas Lease
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How to fill out Durable Power Of Attorney To Execute Oil And Gas Lease?
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You can override your own power of attorney agent if you are of sound mind. If not, loved ones can intervene.
It is important that you return the completed EGID Durable Power of Attorney form and the Identification Form by mailing them to EGID, Attn. Member Accounts, P. O. Box 11137, Oklahoma City, OK 73136-9998, or faxing them to EGID Member Accounts, 405-717-8939.
Steps for Making a Financial Power of Attorney in Oklahoma Create the POA Using a Statutory Form, Software, or Attorney. ... Sign the POA in the Presence of a Notary Public. ... Store the Original POA in a Safe Place. ... Give a Copy to Your Agent or Attorney-in-Fact. ... File a Copy With the Land Records Office.
If the POA or DPOA involves real estate, it must be filed with the County Clerk in the county the real estate resides. You may file a POA with the Court Clerk, but if this is done it becomes a public record.
Fees may vary ing to the type of POA, its length, and complexity, but the average cost of a power of attorney is about $300. Some lawyers charge by the hour, with the average hourly rate for a family or probate lawyer typically in the $250 to $350 range.
If your agent will manage real estate transactions, the Power of Attorney must be signed by a notary and recorded with the county.
An Oklahoma durable power of attorney is a power of attorney form that continues to provide your agent with the authority to act on your behalf if you are declared incapacitated. An Oklahoma durable power of attorney can be a financial power of attorney, a general power of attorney, or medical power of attorney.
