Oklahoma Division Order
Description
How to fill out Division Order?
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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 record owner must: TITLE: Title the property "Transfer-on-death" by making a new deed. NAME: Name the person to get the land, home or mineral interest when the record owner dies on the new deed. This person is called the "beneficiary." SIGN: Sign the deed before two witnesses and a notary.
An attorney can create a deed or assignment that conveys the mineral rights to the new owners. The original deed will need to be recorded in the county where the minerals are located. If there are producing wells on the property, each operator will need to be notified of the change in ownership.
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.
The Division Order is a document whereby the revenue distributor (either the Operator or the 1st Purchaser) and the recipient (the royalty owner) agree on the exact decimal interest (Net Revenue Interest or NRI) owned within a well, lease, production unit, or field-wide unit.
?To pay Lessor for gas (including casinghead gas) and all other substance covered hereby, a royalty of 3/16 of the proceeds realized by Lessee from the sale thereof.? This simply means the operator will pay a royalty of 3/16 of revenue generated from production on the property.
Effect of Property Taxes on Mineral Rights Oklahoma has no inheritance tax. Capital gains tax must be paid on any sale of mineral rights and income generated from royalty streams. However, if the mineral rights have not been severed from the property, the county may not charge taxes beyond property taxes.
The only way to determine mineral rights ownership in Oklahoma is to do a title search at the courthouse where the property is located. To do this, you must review all deeds and other legal conveyances pertaining to the subject tract back to 1907. Mineral ownership information is not available online from any website.