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.
Minnesota Ratification and Rental Division Order from Lessor to Lessee
Category:
State:
Multi-State
Control #:
US-OG-388
Format:
Word;
Rich Text
Instant download
Description
How to fill out Ratification And Rental Division Order From Lessor To 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.
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.
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.
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.
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.
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).
