The New York Oil and Gas Division Order is a legal document that establishes the rights, obligations, and interests of parties involved in the exploration, production, and distribution of oil and gas resources in New York State. This division order serves as a significant component of the overall process of oil and gas production, ensuring that all rights and payments are properly allocated among the involved parties. The primary purpose of the New York Oil and Gas Division Order is to regulate the distribution of royalties and revenue from oil and gas production. The document outlines the proportionate share of the production and revenue that each owner or leaseholder is entitled to receive. It stipulates the terms and conditions regarding the calculation, payment frequency, and method of distribution for royalties and other compensations. The New York Oil and Gas Division Order also contains essential information such as the names and addresses of the various parties involved, the legal description of the property, the location of wells and units, and specific terms for leases and contracts. Moreover, it ensures compliance with state laws, regulations, and guidelines related to oil and gas production. Different types of New York Oil and Gas Division Orders exist based on the nature and purpose of the agreement. Some common variations include: 1. Production Division Order: This division order is issued to establish the proportionate share of oil and gas production and the corresponding revenue distribution among multiple owners or leaseholders. 2. Royalty Division Order: This type of division order solely focuses on the allocation and distribution of royalties generated from oil and gas production. It outlines the rights and responsibilities of each royalty owner and stipulates the payment terms. 3. Unitization Division Order: In situations where multiple tracts of land are involved, an unitization division order is used to consolidate these tracts into a single unit for efficient production. It allocates production and revenue shares based on the leasehold interests within the unit. 4. Operating Division Order: This division order pertains to the operation and development of oil and gas wells. It details the responsibilities and obligations of the operating party, including maintenance, well control, and reporting requirements. It is crucial for all parties involved in the New York Oil and Gas Division Order to thoroughly review and understand the document's content before signing it. Seeking legal advice or consulting an expert in oil and gas law can help ensure compliance and equitable distribution of royalties and revenue.
New York Oil and Gas Division Order
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FAQ
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 division order is a contract between you and the operator (an oil and gas company). Typically, receiving a division order means that the operator is about to drill, or that the operator has already drilled a well and your minerals are producing.
An order analyst is responsible for acknowledging customers' orders, processing payments, and ensuring the correct quantity of items before distribution. Order analysts monitor the adequacy of warehouse inventories and inspect the condition and proper labeling of items before release to prevent potential complaints.
A division order analyst works for a petroleum company and oversees company records. As a division order analyst, you establish, prepare, review, approve, and maintain documents regarding production and land ownership for royalty owners. You generally work as a part of the land department at an oil company.
To put it another way the formula is: lessor's acres in unit ÷ total number of acres in unit × lessor's ownership interest × lessor's royalty percentage = lessor's decimal interest.
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.
Maintain documentation of outstanding open purchase orders which includes remaining balances, conversations and program identification. Work involves Analysis of Outstanding Purchase Order Report on a continuous basis to ensure prompt vendor payment.