What is a division of interest?

Division Of Interest (DOI) DOI is frequently-used as an umbrella term to capture the joint ownership and how responsibilities and rewards for a given oil & gas asset (i.e. well) are split. Who pays for what portion of the costs and who is entitled to the produced hydrocarbons are dictated by a well's DOI.

King Washington Bonus Receipt, Lease Ratification, and Rental Division Order by Mineral Owner

Name: King Washington Bonus Receipt, Lease Ratification, and Rental Division Order by Mineral Owner
Brand: US Legal Forms
Rating: 4.74 (316 reviews)

Category:

Oil Gas and Minerals - Division and Transfer Orders

State:

Multi-State

County:

King

Control #:

US-OG-321

Format:

Instant download

Description

This form is used when the owner of bonus, rentals, and royalties in the Lands, desires to adopt, ratify, and confirm the Lease and acknowledge receipt of the bonus paid for the Lease.

How to fill out King Washington Bonus Receipt, Lease Ratification, And Rental Division Order By Mineral Owner?

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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.

Ratify means to approve or enact a legally binding act that would not otherwise be binding in the absence of such approval. In the constitutional context, nations may ratify an amendment to an existing or adoption of a new constitution.

To ratify a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.

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.

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.

A Division Order is an agreement entered into between the operator (or the company purchasing the production from the operator) and the royalty owner, whereby they will agree on the decimal interest owned by the royalty owner in a producing well. See a sample Division Order.

Division Of Interest (DOI) DOI is frequently-used as an umbrella term to capture the joint ownership and how responsibilities and rewards for a given oil & gas asset (i.e. well) are split. Who pays for what portion of the costs and who is entitled to the produced hydrocarbons are dictated by a well's DOI.

A ratified contract must be signed by the buyer, seller, lender (if applicable), real estate agent (if applicable), and any other parties named on the document, such as witnesses. It becomes valid once all parties agree on sale terms, including price and closing date; however, this varies from state to state.

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Negotiating mineral leases or surface use agreements. The minerals will probably be worth more in the long run if you lease them and get a signing bonus and royalties than if you sell them.These property owners had both "surface rights" and "mineral rights. " This complete private ownership is known as a "fee simple estate. -Sublease and Assignment, 22 Ann. Inst. "Royalty owners enter into division orders to sell minerals and to instruct how payments are to be made under a mineral lease.

King Washington Bonus Receipt, Lease Ratification, and Rental Division Order by Mineral Owner

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