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.
Iowa Ratification and Rental Division Order of Original Lessor and Lessee
State:
Multi-State
Control #:
US-OG-326
Format:
Word;
Rich Text
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How to fill out Ratification And Rental Division Order Of Original Lessor And Lessee?
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FAQ
Most oil and gas leases on federal lands are managed by the BLM in coordination with the federal agency or non-federal entity that owns a land's surface rights.
An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.
Property owners who own mineral-rich land often lease the oil and gas rights to a company able to produce those resources. Property owners in turn benefit from a royalty interest in the oil and gas production from the producer (the lessee).
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.
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.
A Division order is an instrument that records an owner's interest in a specific well. It should include the name of the well, the well number, interest type, and your decimal interest.
A ratification of an existing Texas oil and gas lease usually executed by a non-participating royalty interest owner or a non-executive mineral interest owner. It can be used for transactions involving business entities or private individuals.