The Harris Texas Oil and Gas Division Order is a legal document that outlines the distribution of proceeds from oil and gas production among the various interest owners within a specific oil and gas lease or unit. It serves as a contract between the operator of the well or lease and the owners of the mineral rights and provides important information regarding ownership percentages, payment terms, and other details related to the distribution of revenues. Keywords: Harris Texas, Oil and Gas, Division Order, legal document, proceeds, production, interest owners, lease, unit, operator, mineral rights, ownership percentages, payment terms, revenues. There are different types of Harris Texas Oil and Gas Division Orders which may include: 1. Basic Division Order: This type of division order typically includes essential information such as the names and addresses of all owners, their proportional interest shares, and relevant property descriptions. It serves as a starting point for the revenue distribution process. 2. Modified Division Order: In some cases, certain modifications or amendments may be made to the basic division order. These modifications can address specific concerns or changes in ownership, royalty interest, or any other relevant details that require adjustments to the original division order. 3. Division Order Title Opinion: This type of division order is generated after a thorough title examination to ensure the accuracy of ownership information and address any potential title issues. It provides a legal opinion on the status of ownership and assists in preventing disputes or conflicting interests. 4. Supplemental Division Order: Supplemental division orders are issued when changes occur after the initial division order has been executed. These changes may include additions of new owners, adjustments to ownership percentages, or modifications related to payment terms. Supplemental division orders help ensure that all changes are properly documented and implemented in the revenue distribution process. It is important for all parties involved in oil and gas production in Harris Texas to understand the significance of the division order and to carefully review its terms. Compliance with the division order provisions is crucial to ensure fair and accurate distribution of revenues among the interest owners, thus minimizing misunderstandings and potential disputes.
Harris Texas Oil and Gas Division Order
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How to fill out Harris Texas Oil And Gas Division Order?
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FAQ
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.
Oklahoma law allows for certain mineral interests to be transferred by filing an affidavit in the county real estate records.
To transfer rights, an attorney or title insurance company must complete a title search to make sure your deceased loved one had the right to convey them. When mineral rights are separate from the real estate's surface, preparers will create a mineral deed with a legal description of all rights you are to receive.
A Division Order is an instrument which sets forth the proportional ownership in produced hydrocarbons, including crude oil, natural gas, and NGL's. Sometimes the Division Order is referred to as a division of interest. More often than not, a single well or lease will have multiple owners.
A Division Order is an instrument which sets forth the proportional ownership in produced hydrocarbons, including crude oil, natural gas, and NGL's. Sometimes the Division Order is referred to as a division of interest.
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.
Mineral rights can be divided by specific mineral commodities. For example, one company can own the mineral rights to coal, while another company owns the oil and gas rights. Consequently, it is important to know which minerals are included in a mineral deed. Some deeds specify that all minerals are included.
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.