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What is a division order?
A division order is a record of your interest in a specific well. It contains your decimal interest, interest type, well number and well name. Division orders are issued to all that own an interest in a specific well after that well has achieved first sales of either oil or gas.
How is tract participation factor calculated?
If it is a producing gas well that requires 640 acres to be allocated to it, the operator likely formed a unit that included your 80 acre tract. If the unit covers 640 acres and your tract covers 80 acres, then your tract participation factor is 12.5% (80/640)
What is a mineral division order?
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.
How do you calculate royalty decimal interest?
The decimal interest is calculated by dividing the number of acres the landowner has in the unit by the total number of acres in the unit, multiplied by the royalty percentage under the gas lease.
Do you have to sign a division order in Texas?
In Texas, courts have held that division orders are executed without consideration, but that they are an enforceable agreement until they are revoked. A division order can be revoked at any time by either party, after which it has no further effect.
How do mineral rights work in Oklahoma?
In Oklahoma, mineral rights can be separated from surface rights. An owner of a parcel of land can sell and lease the rights to the minerals beneath the surface. Moreover, these rights can be fractionalized across a number of owners. In the Sooner State, the mineral estate is the dominant estate.
What is a division of interest?
Division Of Interest (DOI) DOI is frequently-used as an umbrella term to capture the joint ownership and how responsibilities and rewards for a given oil & gas asset (i.e. well) are split. Who pays for what portion of the costs and who is entitled to the produced hydrocarbons are dictated by a well's DOI.
What is the purpose of a division order?
The main purpose of a division order is to protect the payor of the proceeds of production from double liability.
What does a division order mean?
A Division Order is an instrument which sets forth the proportional ownership in produced hydrocarbons, including crude oil, natural gas, and NGL's. Sometimes the Division Order is referred to as a division of interest. More often than not, a single well or lease will have multiple owners.
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