What does a division order do?

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. More often than not, a single well or lease will have multiple owners.

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

Clark Nevada Royalty Owner's Supplement to Purchaser's Division order or Transfer order

Name: Clark Nevada Royalty Owner's Supplement to Purchaser's Division order or Transfer order
Brand: US Legal Forms
Rating: 4.62 (300 reviews)

Category:

Oil Gas and Minerals - Division and Transfer Orders

State:

Multi-State

County:

Clark

Control #:

US-OG-070

Format:

Instant download

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.

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How to fill out Clark Nevada Royalty Owner's Supplement To Purchaser's Division Order Or Transfer Order?

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FAQ

A division order is a record of your interest in a specific well. It contains your decimal interest, interest type, well number and well name. Division orders are issued to all that own an interest in a specific well after that well has achieved first sales of either oil or gas.

A Transfer Order is an authorization for payment by the owner directing the operator to pay the owner in accordance with the decimal interest set out in the Transfer Order at the address reflected on the Transfer Order.

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. More often than not, a single well or lease will have multiple owners.

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.

If you want to transfer the rights to these minerals to another party, you can do so in a variety of ways: by deed, will, or lease. Before you transfer mineral rights, you should confirm that you own the rights that you seek to transfer.

The purpose of a division order is to protect the company paying the royalty (payor) from double liability. If you sign a division order and it turns out that you should have been paid a larger interest than shown on the division order, the company is protected as long as it paid according to the division order.

Content. A division order is a record of your interest in a specific well. It contains your decimal interest, interest type, well number and well name. Division orders are issued to all that own an interest in a specific well after that well has achieved first sales of either oil or gas.

In Texas, courts have held that division orders are executed without consideration, but that they are an enforceable agreement until they are revoked. A division order can be revoked at any time by either party, after which it has no further effect.

More info

Order to be effective against subsequent assignees or purchasers. --Tyler May 10, 2012) (royalty owner is not a.Criteria and rating sheets are available in the Purchasing Department for review. Contact: Clark Hampton, Deputy Superintendent, Business and Support.

Clark Nevada Royalty Owner's Supplement to Purchaser's Division order or Transfer order

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