This form is used to commence revenue payments when ownership is being transferred between parties. The Transfer Order includes the name of each interest owner, the interest for each interest owner, a legal description of the property, and the operator's name.
Kansas Oil and Gas Transfer Order
State:
Multi-State
Control #:
US-OG-324
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Oil And Gas Transfer Order?
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FAQ
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
The Conservation Division of the Kansas Corporation Commission (KCC) regulates oil and natural gas production in the state per the Kansas Administrative Regulations.
The definition of assignment in real estate is the sale, transfer, or conveyance of a whole property ownership/rights or part of it to another party. The term in the oil and gas industry is used for sale, transfer, or conveyance of working interest, lease, royalty, overriding royalty interest, or net profit interest.
Net Revenue Interest is the portion of an oil and gas leaseholder's interest in production that they are entitled to receive as part of their lease. The amount is calculated after deducting all royalty payments, production costs, and other fees.
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.
The average depth of a Kansas well today is approximately 3,500 feet. The cost of drilling and equipping an average 3,500-4,500 foot well can be approximately $450,000. At approximately $180,000, the cost of a 3,500-4,500 foot dry hole is considerably less than a fully equipped producing well.
Kansas Frequently Asked Questions QuestionsAnswersHow many active producers are there in Kansas?There are currently 401 active producers in the state of Kansas.What is the average depth an oil or gas well is drilled in Kansas?2,633 feet is the average depth of a well in Kansas.4 more rows
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.
