Bronx New York Oil and Gas Division Order is a legal document that regulates the division of interests and payments among various mineral rights owners and leaseholders within the Bronx County, New York. It outlines the proper allocation of revenue derived from oil and gas production activities taking place within the region. This division order is significant in ensuring fair distribution of proceeds while maintaining transparency and accuracy in accounting. The Bronx New York Oil and Gas Division Order provides crucial details such as the names of mineral rights owners and leaseholders, their respective interest percentages, and the legal descriptions of the designated oil and gas fields or wells in the area. This order also specifies the calculation and distribution of royalties, often based on the volume of production or proceeds received from the sales of extracted resources. Different types of the Bronx New York Oil and Gas Division Order may include: 1. Production Division Order: This type of division order is issued when the oil and gas production activities commence, and it outlines the allocation and distribution of proceeds among the mineral rights owners and leaseholders as per their respective interests. 2. Amended Division Order: When changes occur in ownership or leased acreage, an amended division order is issued to update the information and ensure accurate revenue distribution among the affected parties. 3. Suspended Division Order: In some cases, disputes or uncertainties may arise regarding the ownership or interest percentages of certain mineral rights. In such instances, a suspended division order can be issued, temporarily halting revenue distribution until the matter is resolved. 4. Pooling Division Order: When the drilling of a well involves pooling or combining adjoining lands with different ownership, a pooling division order is prepared to specify the allocation and distribution of proceeds for the involved parties. It is important for individuals and companies involved in oil and gas operations in Bronx, New York, to understand and comply with the guidelines and provisions specified in the Bronx New York Oil and Gas Division Order to ensure equitable distribution of revenues and prevent any legal or financial complications.
Bronx New York Oil and Gas Division Order
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FAQ
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.
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.
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 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.
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.
Your job as a Division Order Analyst is to determine each owner's share, and distribute checks accordingly. You may work for only one company, keeping detailed records about the people who own the company's equipment and resources.