Franklin Ohio Oil and Gas Division Order

• Category: Oil Gas and Minerals - Division and Transfer Orders
• State: Multi-State
• County: Franklin
• 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. Franklin Ohio Oil and Gas Division Order is a legal document that stipulates the distribution of revenues generated from oil and gas production in Franklin County, Ohio. It outlines the rights, interests, and obligations of all parties involved in the production, including landowners, operators, and royalty owners. The Division Order acts as an agreement between the mineral rights owner and the oil and gas company, ensuring a fair and accurate distribution of the proceeds. It serves as a basis for calculating revenues and royalties, establishing the decimal interest of each party, and providing a clear understanding of ownership in the production. The primary purpose of a Franklin Ohio Oil and Gas Division Order is to establish clarity and transparency in the distribution process, avoiding disputes or disagreements among stakeholders. It includes essential information, such as well and lease details, land descriptions, and a breakdown of the interest percentage held by each party involved. Some different types of Franklin Ohio Oil and Gas Division Orders include: 1. Royalty Division Orders: These orders outline the distribution of royalties among multiple royalty owners associated with a particular well or lease. It specifies the decimal interest or royalty percentage allocated to each individual or entity, ensuring a proper share of the revenues. 2. Overriding Royalty Interest (ORRIS) Division Orders: These orders pertain to individuals or entities who hold overriding royalty interests. Orris are usually a percentage of the gross production, providing the holder with a percentage of oil and gas revenues before the distribution of other royalties. 3. Working Interest Division Orders: Working interest division orders are applicable to individuals or entities that have a financial stake in the operating costs and risks associated with oil and gas production. It outlines the percentage of costs and revenues allocated to each working interest owner, reflecting their investment and responsibilities. 4. Joint Interest Billing (JIB) Division Orders: JIB division orders govern the settlement of costs incurred during the drilling, development, and production stages. These orders establish a framework for sharing expenses among the working interest owners, providing a clear breakdown of costs and reimbursement responsibilities. In summary, Franklin Ohio Oil and Gas Division Orders are crucial legal documents that regulate the distribution of oil and gas revenues in Franklin County, Ohio. They ensure transparency, fairness, and accurate calculation of interests in mineral rights owners, operators, and royalty owners. The different types of division orders cater to specific ownership circumstances, such as royalties, overriding royalties, working interests, and joint interest billing.

Franklin Ohio Oil and Gas Division Order is a legal document that stipulates the distribution of revenues generated from oil and gas production in Franklin County, Ohio. It outlines the rights, interests, and obligations of all parties involved in the production, including landowners, operators, and royalty owners. The Division Order acts as an agreement between the mineral rights owner and the oil and gas company, ensuring a fair and accurate distribution of the proceeds. It serves as a basis for calculating revenues and royalties, establishing the decimal interest of each party, and providing a clear understanding of ownership in the production. The primary purpose of a Franklin Ohio Oil and Gas Division Order is to establish clarity and transparency in the distribution process, avoiding disputes or disagreements among stakeholders. It includes essential information, such as well and lease details, land descriptions, and a breakdown of the interest percentage held by each party involved. Some different types of Franklin Ohio Oil and Gas Division Orders include: 1. Royalty Division Orders: These orders outline the distribution of royalties among multiple royalty owners associated with a particular well or lease. It specifies the decimal interest or royalty percentage allocated to each individual or entity, ensuring a proper share of the revenues. 2. Overriding Royalty Interest (ORRIS) Division Orders: These orders pertain to individuals or entities who hold overriding royalty interests. Orris are usually a percentage of the gross production, providing the holder with a percentage of oil and gas revenues before the distribution of other royalties. 3. Working Interest Division Orders: Working interest division orders are applicable to individuals or entities that have a financial stake in the operating costs and risks associated with oil and gas production. It outlines the percentage of costs and revenues allocated to each working interest owner, reflecting their investment and responsibilities. 4. Joint Interest Billing (JIB) Division Orders: JIB division orders govern the settlement of costs incurred during the drilling, development, and production stages. These orders establish a framework for sharing expenses among the working interest owners, providing a clear breakdown of costs and reimbursement responsibilities. In summary, Franklin Ohio Oil and Gas Division Orders are crucial legal documents that regulate the distribution of oil and gas revenues in Franklin County, Ohio. They ensure transparency, fairness, and accurate calculation of interests in mineral rights owners, operators, and royalty owners. The different types of division orders cater to specific ownership circumstances, such as royalties, overriding royalties, working interests, and joint interest billing.