Recently received a Division Order. Yea!!! One of the requested docs to turn back in along with the signed Division Order, is a Stipulation of Interest (Document?? +/-) which sets forth the exact quantum of interest owned by each party in the various tracts. Of course, when I called Devon to ask where to get such a "form", I only got voice mail. Anyone know of a place to get this form??? I looked on line, but everything I have looked at so far is just discussion about the subject and NO form. Any help would be greatly appreciated!!! Also, anyone familiar with I'm assuming the "Warranty Clause" that will most likely be on this Stipulation of Interest (Doc/Form) & how it should be handled???
Linda, OK NARO http://www.naro-us.org/Oklahoma recommends using the NADOA model division order form http://www.mineralweb.com/wp-content/uploads/2010/04/Division-Order-Form-Model-from-NADOA.pdf and adding the wording:
"THIS INSTRUMENT DOES NOT MODIFY OR AMEND THE TERMS OF ANY OIL AND GAS LEASE. ALL ROYALTIES DUE AND PAYABLE UNDER ANY OIL AND GAS LEASE SHALL BE CALCULATED AND PAID AS PROVIDED IN THE LEASE. THIS DIVISION ORDER IS EXECUTED WITHOUT CONSIDERATION AND MAY BE REVOKED AT ANY TIME."
Unless you strike (cross out) the "Warranty Clause" it is contained in the lease and should not be included in the division order. Make sure you are 100% sure of your interest before you sign and send the NADOA. Also, It's good to read about division orders before you sign one. Here's some DO info. http://www.mineralweb.com/owners-guide/leased-but-not-producing/division-order/