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The Oklahoma Energy Resources Board (abbreviated OERB) is an agency of the state of Oklahoma.Funded voluntarily by Oklahoma's oil and natural gas producers and royalty owners, the OERB conducts environmental restoration of orphaned and abandoned well sites, encourages the wise and efficient use of energy, and promotes energy education.
The original owner of an oil and gas lease will sometimes retain an overriding royalty as part of a farmout agreement. For any oil and gas property, the total working interests must add up to 100%. The sum of the net revenue interests, royalty interests, and overriding royalty interests, must also add up to 100%.
In production sharing agreements the country's government awards the execution of exploration and production activities to an oil company. The oil company bears the mineral and financial risk of the initiative and explores, develops and ultimately produces the field as required. When successful, the company is permitted to use the money from ...
The United States Court of Appeals for the Tenth Circuit determined in Rock Island Improvement Co. v. Helmerich & Payne, Inc., 698 F.2d 1075 (10th Cir. 1984) that the Oklahoma Supreme Court relied on an Oklahoma statute providing that "no person can recover a greater amount in damages for a breach of an obligation than he would have gained by ...
The companies obtain exclusive rights to extract crude oil and natural gas in a defined area for a limited time. If more than one company are assigned a license, the government will provide a joint operating agreement which states each partners equity share.
In the oil and gas industry, a farmout agreement is an agreement entered into by the owner of one or more mineral leases, called the "farmor", and another company who wishes to obtain a percentage of ownership of that lease or leases in exchange for providing services, called the "farmee." The typical service described in farmout agreements is ...
The Oklahoma Legislature abolished the State Mining Board and replaced it with the Oklahoma Mining Commission in 1985. The Commission is a nine-member board that serves as the governing body of the Department and is responsible for approving the Department's budget, establishing policy and appointing the Director of the Department.
The overriding royalty interest, for well units, is calculated as follows: (Overriding Royalty Rate) × (Working Interest) × (Mineral Interest) × (Tract Participation Factor) = ORRI [2] Where the terms are defined as follows: Working interest is the ownership interest that would require the participation in production expenses. [3]
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