Assignment Transfer Requirements

 
General Questions
 
What is an Assignment of ownership? ANSWER: Legal document recorded in the county and state courthouse whereby the crude oil well is located that pertains to leasehold ownership in an oil and gas lease that pertains to Working Interest or Overriding Royalty.
 
How can I sell my Working Interest or Overriding Royalty? ANSWER: Contact the operator of the wells you have ownership to see if they want to purchase
 
What do I need to send to CountryMark if I sell my Working Interest or Overriding Royalty? ANSWER: Copy of the executed Assignment that contains the recording stamp from the County Recorder’s office where the well is located.
 
What if I purchased Working Interest and have become the new designated Operator? ANSWER: Furnish CountryMark with a copy of the well transfer document from the State where the well is located. If not available, contact Division.Order@countrymark.com and advise of the change of Operator name.
 
When will my Assignment be effective? ANSWER: The date of execution will be the effective date of the transfer unless noted in the body of the Assignment, “Regardless of the date of execution, this document shall be effective Month/Day/Year”. Also, the effective date of the document pertains to the date of the crude oil purchases, not the payment date. Example: CountryMark purchases crude in 01/2018 but the Assignment was not executed until 2/2018. All oil sold for 1/2018 will be paid to the prior owner. Starting with 2/2018 crude oil purchases, payments will be issued to the new owner.
 
What if my Assignment is effective 1/1/2018 but I did not send my document into CountryMark until 4/1/2018? ANSWER: CountryMark is not responsible for payments made to prior owners due to untimely reporting by either party.
 
Why am I receiving invoices from the operator of the well that I may owe? ANSWER: Working Interest ownership may be subject to expenses incurred by the operator of the well. Owner should contact the operator of the well and not CountryMark.
 
How long should I wait to receive the new Division Orders? ANSWER: Allow two weeks for our company to process the changes and issue new Division Order.
 
What is a Division Order? Crude Oil FAQs
 
 
How can I send information to Countrymark?
ANSWER: SEE BELOW. Allow two weeks for our company to process the ownership changes and issue new Division Orders.
 
Scan to: Division.Order@countrymark.com
Fax: 812.838.8175
Postal Service:
Countrymark Refining and Logistics, LLC
Attention: Division Order Department
401 Southwind Plaza
Mount Vernon, IN 47620
Telephone - 812.833.3636

 

 

  

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