Broward Florida Oil and Gas Division Order

• Category: Oil Gas and Minerals - Division and Transfer Orders
• State: Multi-State
• County: Broward
• Control #: US-OG-323
• Format: Word; Rich Text

Description

This form is used to determine revenue payments and is issued to interest owners for a signature. The form includes the name of the interest owner, the interest for each interest owner, a legal description of the property, and the operator's name. The Broward Florida Oil and Gas Division Order is a legal document that outlines the rights and obligations of parties involved in the exploration, production, and distribution of oil and gas resources within Broward County, Florida. It serves as a formal contract between the operators of oil and gas wells and the respective mineral rights owners. A division order is typically issued following the discovery of a new oil or gas well, or when there is a change in the ownership or interest in an existing well. The purpose of the division order is to allocate the proceeds from the sale of oil and gas among the different owners based on their proportionate share of the production. The Broward Florida Oil and Gas Division Order contains essential information such as the legal description of the property, the names and addresses of the mineral rights owners, and the respective ownership interests or working interests. It also includes the provisions for payment, such as how royalties will be calculated and distributed, and any deductions or costs. Different types of division orders may exist within Broward County, Florida, depending on the specific terms and conditions agreed upon by the parties involved. Some variations may include: 1. Royalty Division Order: This type of division order establishes the allocation of royalties among different parties. Royalties are typically calculated as a percentage of the total production and are paid to the mineral rights owners. 2. Overriding Royalty Interest (ORRIS) Division Order: An ORRIS division order outlines the allocation of overriding royalties among stakeholders. Orris is distinct from regular royalties as they are usually carved out of the working interest, allowing certain individuals or entities to receive a fixed percentage of production before expenses are deducted. 3. Operating Agreement Division Order: In instances where multiple parties are working together as co-operators or joint venture partners, an operating agreement division order dictates the allocation of costs, expenses, and production from the well among the participating parties. These are just a few possible types of Broward Florida Oil and Gas Division Orders, and the specific terms within each order may vary depending on the operators, mineral rights owners, and prevailing regulations. It is essential for all involved parties to carefully review and understand the division order before signing, ensuring accurate and fair distribution of oil and gas proceeds.

The Broward Florida Oil and Gas Division Order is a legal document that outlines the rights and obligations of parties involved in the exploration, production, and distribution of oil and gas resources within Broward County, Florida. It serves as a formal contract between the operators of oil and gas wells and the respective mineral rights owners. A division order is typically issued following the discovery of a new oil or gas well, or when there is a change in the ownership or interest in an existing well. The purpose of the division order is to allocate the proceeds from the sale of oil and gas among the different owners based on their proportionate share of the production. The Broward Florida Oil and Gas Division Order contains essential information such as the legal description of the property, the names and addresses of the mineral rights owners, and the respective ownership interests or working interests. It also includes the provisions for payment, such as how royalties will be calculated and distributed, and any deductions or costs. Different types of division orders may exist within Broward County, Florida, depending on the specific terms and conditions agreed upon by the parties involved. Some variations may include: 1. Royalty Division Order: This type of division order establishes the allocation of royalties among different parties. Royalties are typically calculated as a percentage of the total production and are paid to the mineral rights owners. 2. Overriding Royalty Interest (ORRIS) Division Order: An ORRIS division order outlines the allocation of overriding royalties among stakeholders. Orris is distinct from regular royalties as they are usually carved out of the working interest, allowing certain individuals or entities to receive a fixed percentage of production before expenses are deducted. 3. Operating Agreement Division Order: In instances where multiple parties are working together as co-operators or joint venture partners, an operating agreement division order dictates the allocation of costs, expenses, and production from the well among the participating parties. These are just a few possible types of Broward Florida Oil and Gas Division Orders, and the specific terms within each order may vary depending on the operators, mineral rights owners, and prevailing regulations. It is essential for all involved parties to carefully review and understand the division order before signing, ensuring accurate and fair distribution of oil and gas proceeds.