Travis Texas Division Order

• Category: Oil Gas and Minerals - Division and Transfer Orders
• State: Multi-State
• County: Travis
• Control #: US-OG-068
• Format: Word; Rich Text

Description

This is the model form which many companies now use. Travis Texas Division Order is a legal document that establishes the rights and responsibilities of the working interest owners in an oil and gas production unit located in Travis County, Texas. This order is crucial for ensuring accurate distribution of proceeds and conveying ownership interests in accordance with the applicable laws and regulations. A Travis Texas Division Order typically contains detailed information such as the well name and number, lease name and number, effective date, decimal interest, and the names and addresses of the working interest owners. It also outlines the specific terms and conditions for production payments, royalties, and other financial arrangements. There are several types of Travis Texas Division Orders, each serving a distinct purpose: 1. Surface Division Order: This order is used to address the surface interests associated with the property. It outlines the division of surface usage, access rights, and responsibilities among the working interest owners, ensuring smooth operations and preventing conflicts. 2. Revenue Division Order: This order focuses on the allocation of revenue generated from the oil and gas production. It includes the calculation and distribution of royalties, overriding royalties, and other payments to the working interest owners based on their respective decimal interests. 3. Assignment Division Order: In cases where an owner transfers or assigns their interest to another party, an Assignment Division Order is used to reflect the change in ownership. It ensures that the new owner's information is accurately recorded and that they receive their rightful share of the production proceeds. 4. Amended Division Order: If any changes or amendments need to be made to the original division order, an Amended Division Order is created. It typically addresses modifications in decimal interests, ownership transfers, or any other necessary adjustments to keep the document up to date. By maintaining a comprehensive Travis Texas Division Order, the parties involved can establish clear guidelines, prevent disputes, and facilitate accurate distribution of revenue generated from the oil and gas production.

Travis Texas Division Order is a legal document that establishes the rights and responsibilities of the working interest owners in an oil and gas production unit located in Travis County, Texas. This order is crucial for ensuring accurate distribution of proceeds and conveying ownership interests in accordance with the applicable laws and regulations. A Travis Texas Division Order typically contains detailed information such as the well name and number, lease name and number, effective date, decimal interest, and the names and addresses of the working interest owners. It also outlines the specific terms and conditions for production payments, royalties, and other financial arrangements. There are several types of Travis Texas Division Orders, each serving a distinct purpose: 1. Surface Division Order: This order is used to address the surface interests associated with the property. It outlines the division of surface usage, access rights, and responsibilities among the working interest owners, ensuring smooth operations and preventing conflicts. 2. Revenue Division Order: This order focuses on the allocation of revenue generated from the oil and gas production. It includes the calculation and distribution of royalties, overriding royalties, and other payments to the working interest owners based on their respective decimal interests. 3. Assignment Division Order: In cases where an owner transfers or assigns their interest to another party, an Assignment Division Order is used to reflect the change in ownership. It ensures that the new owner's information is accurately recorded and that they receive their rightful share of the production proceeds. 4. Amended Division Order: If any changes or amendments need to be made to the original division order, an Amended Division Order is created. It typically addresses modifications in decimal interests, ownership transfers, or any other necessary adjustments to keep the document up to date. By maintaining a comprehensive Travis Texas Division Order, the parties involved can establish clear guidelines, prevent disputes, and facilitate accurate distribution of revenue generated from the oil and gas production.