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 subject to the Lease, and to set out and stipulate the division of interest as to any rental payments which may be due and made pursuant to the terms of the Lease.
Louisiana Ratification and Rental Division Order from Lessor to Lessee
Category:
State:
Multi-State
Control #:
US-OG-388
Format:
Word;
Rich Text
Instant download
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How to fill out Ratification And Rental Division Order From Lessor To Lessee?
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FAQ
The division order describes the minerals, it asks for information about yourself, and often asks you to agree to certain things related to the payment of royalties. But beware, in Oklahoma you are not required to sign and return a division order. In fact, you may be unnecessarily impairing or giving away your rights.
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.
A division order is a contract between the owner of a royalty or other interest in oil and gas (payee) and the company that will be paying for royalty and other production on its sale (payor).
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 ing to the division order.
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.
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.
