Chicago Illinois Oil and Gas Division Order

• Category: Oil Gas and Minerals - Division and Transfer Orders
• State: Multi-State
• City: Chicago
• 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. Chicago, Illinois Oil and Gas Division Order is a legal document that outlines the agreement between the owners and operators of oil and gas wells in the state of Illinois. It establishes the rights and responsibilities of the parties involved in the exploration, production, and sale of oil and gas resources. The Chicago Illinois Oil and Gas Division Order ensures accurate and efficient distribution of proceeds from oil and gas production by specifying the proportionate ownership interests of different parties involved in leases and wells. It serves as a tool to protect the rights and interests of all parties, including mineral owners, operators, and royalty owners. Different types of Chicago Illinois Oil and Gas Division Orders may include: 1. Standard Division Order: This is the most common type of division order used in Illinois. It includes provisions related to the allocation and distribution of oil and gas revenues among working interest owners, royalty owners, and other parties involved. 2. Modified Division Order: In some cases, parties may agree to modify certain provisions of the standard division order to suit their specific requirements. This may involve changes in allocation percentages, payment terms, or other terms and conditions. 3. Pooling Division Order: When multiple leases are combined into a single drilling unit, a pooling division order may be used. It establishes the rights and obligations of parties involved in the pooling arrangement, allowing for the efficient exploration and production of oil and gas resources. 4. Unitization Division Order: Unitization division orders are used when multiple leases or wells are consolidated into a single producing unit or reservoir. This type of division order governs the allocation and distribution of revenues among the participating parties in the unitization agreement. Keywords: Chicago, Illinois, Oil and Gas, Division Order, legal document, agreement, ownership interests, leases, wells, exploration, production, proceeds, mineral owners, operators, royalty owners, allocation, distribution, revenues, working interest owners, standard division order, modified division order, pooling division order, unitization division order.

Chicago, Illinois Oil and Gas Division Order is a legal document that outlines the agreement between the owners and operators of oil and gas wells in the state of Illinois. It establishes the rights and responsibilities of the parties involved in the exploration, production, and sale of oil and gas resources. The Chicago Illinois Oil and Gas Division Order ensures accurate and efficient distribution of proceeds from oil and gas production by specifying the proportionate ownership interests of different parties involved in leases and wells. It serves as a tool to protect the rights and interests of all parties, including mineral owners, operators, and royalty owners. Different types of Chicago Illinois Oil and Gas Division Orders may include: 1. Standard Division Order: This is the most common type of division order used in Illinois. It includes provisions related to the allocation and distribution of oil and gas revenues among working interest owners, royalty owners, and other parties involved. 2. Modified Division Order: In some cases, parties may agree to modify certain provisions of the standard division order to suit their specific requirements. This may involve changes in allocation percentages, payment terms, or other terms and conditions. 3. Pooling Division Order: When multiple leases are combined into a single drilling unit, a pooling division order may be used. It establishes the rights and obligations of parties involved in the pooling arrangement, allowing for the efficient exploration and production of oil and gas resources. 4. Unitization Division Order: Unitization division orders are used when multiple leases or wells are consolidated into a single producing unit or reservoir. This type of division order governs the allocation and distribution of revenues among the participating parties in the unitization agreement. Keywords: Chicago, Illinois, Oil and Gas, Division Order, legal document, agreement, ownership interests, leases, wells, exploration, production, proceeds, mineral owners, operators, royalty owners, allocation, distribution, revenues, working interest owners, standard division order, modified division order, pooling division order, unitization division order.