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Simple English definitions for legal terms
certificate of interest
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A quick definition of certificate of interest:
Definition: A certificate of interest is a document that shows how much of the oil and gas production a person or company owns. It's like a piece of paper that proves you have a share in the profits made from selling oil and gas.
A more thorough explanation:
A certificate of interest is a document that proves ownership in oil and gas production. It shows the percentage or fraction of ownership that a person or company has in the production of oil and gas.
For example, if a company owns 10% of the oil and gas production in a particular well, they would receive a certificate of interest that proves their ownership. This certificate would show that they are entitled to 10% of the profits from the sale of the oil and gas produced from that well.
Another example would be if an individual owns a small percentage of a group of oil wells. They would receive a certificate of interest that shows their ownership in the production of oil and gas from those wells.
These examples illustrate how a certificate of interest is used to prove ownership in oil and gas production.