Kings New York Oil and Gas Division Order

• Category: Oil Gas and Minerals - Division and Transfer Orders
• State: Multi-State
• County: Kings
• 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. Keywords: Kings New York, Oil and Gas, Division Order, types Kings New York Oil and Gas Division Order is a legal document that outlines the rights and responsibilities of the various parties involved in the production and distribution of oil and gas resources within the Kings New York area. It serves as a crucial agreement between the operators, mineral interest owners, and royalty owners, ensuring smooth operations and fair distribution of profits. The Division Order specifies important details such as the specific well(s) covered by the agreement, the operator's contact information, and the names and addresses of the royalty interest owners. It also outlines the specific interest percentage each owner holds in the production, which is critical for determining the distribution of revenue. Additionally, the document may include provisions related to lease terms, leasehold expenses, and the process for making royalty payments. There are various types of Kings New York Oil and Gas Division Orders, each catering to specific scenarios and situations. Some common types include: 1. Initial Division Order: This is typically the first Division Order issued for a particular well or field, establishing the initial ownership percentages and details. 2. Supplemental Division Order: When there are changes in the ownership structure or modifications to the original Division Order, a supplemental Division Order is issued to reflect any updates. 3. Pooling Division Order: In cases where multiple tracts of land are pooled together to form a drilling unit, a Pooling Division Order is used to outline the ownership percentages for each tract and ensure fair distribution of royalties. 4. Division Order Ratification: This type of Division Order is utilized when there is a need to ratify previously unrecorded or informal agreements related to oil and gas production. 5. Amended Division Order: If there are significant changes in the production, ownership, or lease terms, an Amended Division Order is issued to update the existing agreement accordingly. Kings New York Oil and Gas Division Orders play a vital role in the efficient and lawful exploitation of oil and gas resources. These documents protect the rights of all parties involved and facilitate the proper allocation of royalties, ultimately contributing to the smooth functioning of the oil and gas industry in Kings New York.

Keywords: Kings New York, Oil and Gas, Division Order, types Kings New York Oil and Gas Division Order is a legal document that outlines the rights and responsibilities of the various parties involved in the production and distribution of oil and gas resources within the Kings New York area. It serves as a crucial agreement between the operators, mineral interest owners, and royalty owners, ensuring smooth operations and fair distribution of profits. The Division Order specifies important details such as the specific well(s) covered by the agreement, the operator's contact information, and the names and addresses of the royalty interest owners. It also outlines the specific interest percentage each owner holds in the production, which is critical for determining the distribution of revenue. Additionally, the document may include provisions related to lease terms, leasehold expenses, and the process for making royalty payments. There are various types of Kings New York Oil and Gas Division Orders, each catering to specific scenarios and situations. Some common types include: 1. Initial Division Order: This is typically the first Division Order issued for a particular well or field, establishing the initial ownership percentages and details. 2. Supplemental Division Order: When there are changes in the ownership structure or modifications to the original Division Order, a supplemental Division Order is issued to reflect any updates. 3. Pooling Division Order: In cases where multiple tracts of land are pooled together to form a drilling unit, a Pooling Division Order is used to outline the ownership percentages for each tract and ensure fair distribution of royalties. 4. Division Order Ratification: This type of Division Order is utilized when there is a need to ratify previously unrecorded or informal agreements related to oil and gas production. 5. Amended Division Order: If there are significant changes in the production, ownership, or lease terms, an Amended Division Order is issued to update the existing agreement accordingly. Kings New York Oil and Gas Division Orders play a vital role in the efficient and lawful exploitation of oil and gas resources. These documents protect the rights of all parties involved and facilitate the proper allocation of royalties, ultimately contributing to the smooth functioning of the oil and gas industry in Kings New York.