Bi-Petro, Inc. purchasing requirements to establish payments are as follows:
New Production
For new production, you will need to provide the following:
- Completed Crude Oil Sales Contract
- Copy of Drilling Permit(s)
- Copy of Oil and Gas Lease(s)
- Copy of all existing Assignments that affect ownership
- Copy of the preliminary title work or title opinion
- A current Abstract of Title or a Division Order Title Opinion will need to be provided within 90 days of the date of our first purchase
Existing Production
For existing production with current division orders established with another purchaser, please provide the following:
- Current advalorem or division of interest listing from previous purchaser
- If pay status is not shown on the advalorem or division of interest listing we will need a copy of the latest Statement of Interest from previous purchaser showing payment status of all owners
- If the legal description is not shown on the advalorem or division of interest report, we need a copy of current Division Order from previous purchaser showing legal description of the drilling unit
- Copies of Declarations of Pooling or Unit Agreements, if applicable to the lease, should be included if possible
- Copies of title opinions previously prepared for the lease are very helpful in processing future transfers of interest, enabling transfers to be made quicker and with fewer requirements, and should be provided if available
