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§ 570.11. Division orders

Oklahoma Statutes AnnotatedTitle 52. Oil and Gas

Oklahoma Statutes Annotated
Title 52. Oil and Gas (Refs & Annos)
Chapter 13A. Production Revenue Standards (Refs & Annos)
52 Okl.St.Ann. § 570.11
§ 570.11. Division orders
A division order is an instrument for the purpose of directing the distribution of proceeds from the sale of oil, gas, casinghead gas or other related hydrocarbons which warrants in writing the division of interest and the name, address and tax identification number of each interest owner with a provision requiring notice of change of ownership. A division order is executed to enable the first purchaser of the production or holder of proceeds to make remittance of proceeds directly to the owners legally entitled thereto and does not relieve the lessee of any liabilities or obligations under the oil and gas lease. Terms of a division order which conflict with the terms of any oil and gas lease are invalid, unless previously agreed to by the affected parties. This subsection shall only apply to division orders executed on or after July 1, 1989.

Credits

Laws 1992, c. 190, § 11, eff. Sept. 1, 1992.
52 Okl. St. Ann. § 570.11, OK ST T. 52 § 570.11
Current with legislation of the Second Regular Session and First and Second Extraordinary Sessions of the 58th Legislature (2022).
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