Division Orders

If you are a company submitting… please remit any amounts totaling in excess of $25.00 and WE REQUIRE PAPER BACKUP STATEMENTS. In computing royalties to be paid to us under any lease, the value of any oil or gas, condensate, or other products of oil or gas, shall never be less than the total proceeds received by Lessee, purchaser (whether primary, secondary, or otherwise), or by any affiliated subsidiary company by reason of the sale of such oil or gas, condensate, or other products and/or the dedication of reserves and under no circumstances shall the signature of the Division Order act to change or alter the terms of the original oil and gas lease to which this interest is subject. The total proceeds received shall include, but not be limited to, the fair value of all consideration received by Lessee, purchaser (whether primary, secondary, or otherwise), or by any affiliated or subsidiary company related to the marketing and/or dedication of oil or gas, condensate, other products or reserves such as take or pay settlements and awards, dedication payments, advance payments, contract adjustments, oil or gas exchange considerations, contract buy-out/buy-down payments and similar considerations. Late payment interest is due at a rate of 4 percentage points above the rate charged on loans to depository institutions by the NYFRB when payment is late and notice of new payor has not been provided. No Division or Transfer Order is an agreement to change the terms of the underlying OGL. In most cases, we have limited title information and are relying upon the company submitting a Division Order for our ownership. Under or overpayment shall be solely the responsibility of the distributing party.