Indiana Ratification of Unit Designation by Working Interest Owners

State:
Multi-State
Control #:
US-OG-386
Format:
Word; 
Rich Text
Instant download

Description

This form is used when working interest owners desire to adopt, ratify, and confirm the Unit Designation insofar as it covers their rights, title, and interests in and to the Oil, Gas, and Mineral Leases and the lands included in the Unit created by the Unit Designation, and agree their respective interests are subject to all terms and provisions of the Unit Designation.

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FAQ

Working interest owners bear all of the costs and liabilities associated with leasing, drilling, producing, and operating a well but share in only part of the production revenue from a successful well.

A percentage of ownership in an oil and gas lease granting its owner the right to explore, drill and produce oil and gas from a tract of property. Working interest owners are obligated to pay a corresponding percentage of the cost of leasing, drilling, producing and operating a well or unit.

Oil and gas interests are interests in real property and thereby have the same attributes as other real property such as a home or a ranch. Although the ownership of oil and gas interests can take many forms, courts commonly analogize the ownership of oil and gas interests to a bundle of sticks.

In the oil and gas context, a carried interest is a fractional oil and gas interest that is not required to pay for drilling or operational expenses for a limited time (carry period). These expenses are paid by the other working interest owners (called co-tenants) of the property.

1. n. [Oil and Gas Business] The proportion of exploration and production costs each party will bear and the proportion of production each party will receive, as set out in an operating agreement.

Ownership: A working interest is an ownership interest in an oil or gas well or lease that gives the owner the right to explore, develop, and produce oil and gas. A royalty interest is a right to receive a share of the proceeds from the sale of oil and gas produced from the well or 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.

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Indiana Ratification of Unit Designation by Working Interest Owners