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.
Virginia Oil and Gas Transfer Order
State:
Multi-State
Control #:
US-OG-324
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Oil And Gas Transfer Order?
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FAQ
After confirming your legal ownership with an attorney at law, you need to draw up a deed of transfer form in your name and register it with the county records office as the mineral owner. The land transaction, leasing transaction, and royalty compliance go through the county office.
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.
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.
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 which sets forth the proportional ownership in produced hydrocarbons, including crude oil, natural gas, and NGL's. Sometimes the Division Order is referred to as a division of interest.
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
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).
The most common way is through a will or estate plan. When the mineral rights owner dies, their heirs will become the new owners. Another way to transfer mineral rights is through a lease. If the mineral rights are leased to a third party, the new owner will need approval from the current lessee to claim them.