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Travis Texas Ratification and Rental Division Order of Original Lessor and Lessee

Category:
Oil Gas and Minerals - Division and Transfer Orders
State:
Multi-State
County:
Travis
Control #:
US-OG-326
Format:
Word; 
Rich Text
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Description

This form is used when Lessor desires to adopt, ratify, and confirm the Lease insofar as it covers Lessor's rights, title, and interests in the Lands and to set out the division of interest as to any rental payments which may be made pursuant to the terms of the Lease.

Travis Texas Ratification and Rental Division Order of Original Lessor and Lessee is a legally binding document that outlines the terms and conditions for a lease agreement between an original lessor and lessee. This division order acts as a confirmation and ratification of the rental agreement between the two parties. The Travis Texas Ratification and Rental Division Order of Original Lessor and Lessee ensures that both the lessor and lessee are in agreement regarding the terms of the lease. It specifies important details such as the duration of the lease, rental payments, rights and responsibilities of each party, and any additional provisions or conditions. Some key keywords associated with the Travis Texas Ratification and Rental Division Order may include: 1. Original Lessor: Refers to the original owner or landlord who grants the lease rights to the lessee. 2. Lessee: Refers to the individual or entity leasing the property from the lessor. 3. Ratification: The act of confirming or approving the terms and conditions of the lease agreement. 4. Division Order: A legal document that divides and assigns rights and responsibilities between the lessor and lessee. 5. Rental Agreement: The contract that specifies the terms and conditions for the rental of the property. 6. Terms and Conditions: The specific rules and obligations that both parties agree to abide by during the lease term. 7. Duration: The length of time the lease agreement will be in effect. 8. Rental Payments: The specified amount of money that the lessee is obligated to pay the lessor at regular intervals. 9. Rights and Responsibilities: The respective entitlements and duties of the lessor and lessee under the lease agreement. 10. Provisions and Conditions: Additional clauses or requirements that may be included in the division order to address specific circumstances. It's worth noting that while the main focus here is on the Travis Texas Ratification and Rental Division Order, there might not be different types of this document specific to Travis Texas. However, other states or regions might have their own variations of such division orders, with slight differences in legal requirements or terminology.

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FAQ

Content. 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.

To ratify a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.

In terms of the oil and gas industry, ratification of a lease is the term for requesting acceptance of an existing lease agreement, with or without changes, from landowners who have purchased parcels to which the original leaseholder gave permission to drill and produce. Leases can last for decades.

The decimal interest is calculated by dividing the number of acres the landowner has in the unit by the total number of acres in the unit, multiplied by the royalty percentage under the gas lease.

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. Who pays for what portion of the costs and who is entitled to the produced hydrocarbons are dictated by a well's DOI.

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.

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.

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.

The purpose of a division order is to protect the company paying the royalty (payor) from double liability. If you sign a division order and it turns out that you should have been paid a larger interest than shown on the division order, the company is protected as long as it paid according to the division order.

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Interesting Questions

More info

Lessor has a Possibility of Reverter. II The Oil and Gas Lease.Leases are recorded in the county deed records. It will be in the names of the original lessor (mineral owner) and lessee. Clause allowed it to deduct from the lessor's royalty all postproduction costs up to the point of sale. Order of the Texas Supreme Court Denying Motion for Rehearing (May 29, 2020) . Since the NHAPL tournament first teed off. 2 Congress, first in. Ownership and Leasing Minerals Under Texas Roadways.

Oil and Gas Lease Litigation, Hearing. U. S. v. Texas Lease. In the United States v. Texas Lease case, Tex., the court upheld that Texas is not required to allow minerals rights under Texas' state highways. Therefore, the state legislature can enact special statutes for the exploration and development of these minerals.

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