Wyoming Royalty Owner's Supplement to Purchaser's Division order or Transfer order

• Category: Oil Gas and Minerals - Division and Transfer Orders
• State: Multi-State
• Control #: US-OG-070
• Format: Word; Rich Text

Description

This form is a supplement that may be attached to any form of division order. It serves to amend the terms of a division order that may contain objectionable provisions which attempt to make a division order more than a direction for payment.

The Wyoming Royalty Owner's Supplement to Purchaser's Division Order or Transfer Order is a crucial document that safeguards the rights and interests of royalty owners in Wyoming. This supplemental agreement is primarily designed to clarify the details of the division of interests and payments associated with oil and gas productions. This supplementary document acts as an addendum to the original Division Order or Transfer Order and ensures that the royalty owner receives accurate and complete information regarding their entitled payments. By highlighting the various aspects related to the division of interests and revenue distribution, this supplement serves as an indispensable tool for both the royalty owner and the purchaser. Key elements covered in the Wyoming Royalty Owner's Supplement to Purchaser's Division Order or Transfer Order include: 1. Ownership Details: This segment provides detailed information about the royalty owner, including their legal name, contact information, and ownership interest in the oil and gas lease. 2. Division of Interests: This section outlines how the royalty interest is divided among different parties. It identifies the specific allocated share of each party, including the royalty owner, and ensures accurate portrayal of the ownership rights. 3. Revenue Distribution: The supplement specifies the methodology and frequency of royalty payments made to the royalty owner. It clarifies the calculation process, deductions (if any), and highlights the obligations of the purchaser towards timely and accurate payments. 4. Deductions and Fees: If there are any deductions from the royalty payments, such as taxes, production expenses, or other fees, this section provides explicit details explaining the basis of these deductions and the applicable rates. 5. Reporting Requirements: The supplement outlines the reporting obligations of the purchaser towards the royalty owner. It specifies the frequency and format of reports that the purchaser must provide, including production volumes, well status, and any relevant information affecting the royalty payments. 6. Cure Period and Dispute Resolution: In case of any discrepancies or disputes arising from the royalty payments, this portion defines the cure period within which the issues must be addressed. It also highlights the mechanism to resolve conflicts, whether through mediation, arbitration, or legal proceedings. Types of Wyoming Royalty Owner's Supplement to Purchaser's Division Order or Transfer Order: 1. Oil Royalty Supplement: This specific supplement focuses on the division orders or transfer orders pertaining to royalty interests in oil production in Wyoming. 2. Gas Royalty Supplement: Tailored for royalty interests in natural gas production, this supplement provides comprehensive details relevant to gas division orders or transfer orders. In conclusion, the Wyoming Royalty Owner's Supplement to Purchaser's Division Order or Transfer Order is an essential document safeguarding the rights and payments of the royalty owners in Wyoming. By addressing critical aspects of interest division, revenue distribution, and dispute resolution, this supplement ensures transparency and accuracy in royalty dealings for both parties involved.