This form is a letter used in Lieu of Division and Transfer Orders for the purposes of recognizing the ownership of Buyer of the interests in Leases assigned it by Seller, and as notice to begin accounting, to Buyer, for the identified interests in Leases assigned to it, as described in the Assignment.
Letter in Lieu of Division and Transfer Orders
State:
Multi-State
Control #:
US-OG-322
Format:
Word;
Rich Text
Instant download
Description
Definition and meaning
A Letter in Lieu of Division and Transfer Orders is a document used in the oil and gas industry to facilitate the transfer of ownership for specific leases. This letter serves as a formal notification to the company handling production that a buyer has acquired the seller's interests in oil and gas leases, allowing for the new owner to receive any revenues resulting from the associated production. It ensures that all parties involved recognize the buyer's rights as of the specified effective date.
How to complete a form
Completing the Letter in Lieu of Division and Transfer Orders involves several key steps. Follow these instructions:
- Input the names and addresses of the Buyer and Seller in the designated fields.
- Clearly state the effective date when the transfer of leases takes place.
- Attach Exhibit 'A,' which includes a detailed schedule listing all leases affected by the transfer.
- Ensure the originally executed Assignment, Bill of Sale and Conveyance is attached.
- Review the document thoroughly to confirm accuracy before signing, which should include both parties and witnesses.
Who should use this form
This form is primarily used by individuals or entities involved in the oil and gas industry who are transferring interests in leases. It is suitable for:
- Buyers acquiring interests from sellers of oil and gas leases.
- Sellers wishing to formally notify companies of their lease transfers.
- Purchasers or disbursers who need to account for the new ownership.
Both parties must ensure they understand the implications of this transfer for their operations and revenues.
Key components of the form
The Letter in Lieu of Division and Transfer Orders includes several essential components:
- Identities of the parties: Clearly stating the Buyer, Seller, and Purchaser/Disburser.
- Effective Date: The date on which the transfer of interest becomes effective.
- Exhibit 'A': A detailed list of leases associated with the transaction.
- Assignment Document: Attachment of the original Assignment that transfers interests from Seller to Buyer.
- Signatures: Required signatures from both Buyer and Seller, along with witnesses.
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