Get the free 1509.01. Division of oil and gas resources ... - Ohio Revised Code
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STATE OF OHIO DIVISION OF MINERAL RESOURCES MANAGEMENT DEPARTMENT OF NATURAL RESOURCES API WELL NUMBER PERMIT 34121241210000 FORM 51 REVISED 3/01 OWNER NAME. ADDRESS DATE ISSUED ALLIANCE PETROLEUM
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How to fill out 150901 division of oil
How to fill out 150901 division of oil:
01
Gather all necessary information and documents, such as the oil lease agreement, production records, and revenue distribution details.
02
Start by entering the relevant lease information, including the lease number, effective date, and any amendments or modifications.
03
Provide the details of the oil well(s) that are subject to the division, such as the well name, API number, and location.
04
Specify the production period for which the division of oil is being calculated.
05
Record the total production volume for the specified period, including any adjustments or deductions.
06
Determine the oil price for the specified period and multiply it by the production volume to calculate the total oil revenue.
07
Enter any deductions or expenses associated with the oil production, such as operating costs, royalties, or taxes.
08
Calculate the net oil revenue by subtracting the deductions from the total oil revenue.
09
Divide the net oil revenue among the respective owners or parties entitled to receive a share, based on their ownership percentages or contractual arrangements.
10
Complete the necessary sections for each recipient, including their name, address, ownership percentage, and share of the division.
11
Review the completed form for accuracy and make any necessary corrections before submitting it.
Who needs 150901 division of oil:
01
Oil operators: Oil operators who are responsible for the production and distribution of oil from a lease or well may need to fill out the 150901 division of oil. This form helps them accurately calculate and allocate the revenue among the various owners or parties entitled to a share.
02
Mineral rights owners: Individuals or entities who own the mineral rights to an oil lease or well also need the 150901 division of oil. This form allows them to receive their rightful share of the oil revenue based on their ownership percentage or contractual arrangements.
03
Revenue recipients: Any individual or organization that is entitled to a share of the oil revenue, such as royalty holders, working interest partners, or joint venture partners, may require the 150901 division of oil. This form ensures proper accounting and distribution of the oil proceeds among all relevant parties.
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What is 150901 division of oil?
The 150901 division of oil refers to the process of calculating and distributing revenue from oil production among different stakeholders or partners.
Who is required to file 150901 division of oil?
Any company or individual involved in oil production and distribution is required to file the 150901 division of oil.
How to fill out 150901 division of oil?
To fill out the 150901 division of oil, one must gather production and revenue data, calculate the distribution based on agreed-upon terms, and submit the report to the relevant authorities.
What is the purpose of 150901 division of oil?
The purpose of the 150901 division of oil is to ensure fair and accurate distribution of revenue among partners in oil production, based on their ownership rights or agreements.
What information must be reported on 150901 division of oil?
The 150901 division of oil report typically includes production volume, revenue generated, costs incurred, ownership percentages, and the distribution of revenue among partners.
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