This form is a letter used in Lieu of Division and Transfer Orders for the purposes of recognizing the ownership of Buyer of the interests in Leases assigned it by Seller, and as notice to begin accounting, to Buyer, for the identified interests in Leases assigned to it, as described in the Assignment.
Oklahoma Letter in Lieu of Division and Transfer Orders
State:
Multi-State
Control #:
US-OG-322
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Letter In Lieu Of Division And Transfer Orders?
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FAQ
The payor may not require a division order, however, that requires much more than is necessary for it to verify the interest you claim to be entitled to. You may insist that the payor submit a division order containing no more than is required by Texas law.
A division order is a contract between you and the operator (an oil and gas company). Typically, receiving a division order means that the operator is about to drill, or that the operator has already drilled a well and your minerals are producing.
The division order describes the minerals, it asks for information about yourself, and often asks you to agree to certain things related to the payment of royalties. But beware, in Oklahoma you are not required to sign and return a division order. In fact, you may be unnecessarily impairing or giving away your rights.
A division order is a contract between the owner of a royalty or other interest in oil and gas (payee) and the company that will be paying for royalty and other production on its sale (payor).
A division order analyst works for a petroleum company and oversees company records. As a division order analyst, you establish, prepare, review, approve, and maintain documents regarding production and land ownership for royalty owners. You generally work as a part of the land department at an oil company.
A Division order is an instrument that records an owner's interest in a specific well. It should include the name of the well, the well number, interest type, and your decimal interest.