Virgin Islands Oil and Gas Division Order
Description
How to fill out Oil And Gas Division Order?
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FAQ
Take, for example, a landowner who has 300 acres in a 500-acre production unit while signing an oil and gas lease of 15% royalty. Their decimal interest is calculated as follows: (300/500) × 0.15 equals 0.09, which represents their decimal interest.
?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.
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.
If there is more than one mineral owner, multiply the net revenue by the fractional interest of each owner to determine their respective royalty 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.
You may have noticed on your check stubs an ?owner interest? or ?net revenue interest? or a ?decimal interest?. The operator will then multiply your interest by the quantity of oil and gas produced and the current price to determine your oil and gas royalty payments.
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.
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 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.
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.
