This form is used when any party electing not to participate in an exploratory well after the exploratory well has been drilled, relinquish and assign to the Drilling Party or Parties one hundred percent (100%) of its rights, title and interests in the Drilling Unit and the eight (8) Drilling Units directly and diagonally offsetting the Drilling Unit on which the well was drilled.
Colorado Relinquishment Provision - Exploratory Well
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Multi-State
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US-OG-717
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Word;
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FAQ
A percentage of ownership in an oil and gas lease granting its owner the right to explore, drill and produce oil and gas from a tract of property. Working interest owners are obligated to pay a corresponding percentage of the cost of leasing, drilling, producing and operating a well or unit.
To gather information on mineral rights in Colorado you would need to start your research at the Colorado Oil and Gas Conservation Commission. At this commission, you request the title commitment of the property. In this deed, you will find details of the owner of the mineral rights.
Oil and Gas Interests means all leasehold interests, mineral fee interests, overriding royalty and royalty interests, net revenue and net working interests and all other rights and interests relating to Hydrocarbons, including without limitation any reserves thereof.
Working interest describes a percentage of ownership in a mineral lease granting its owner the right to explore, drill, and produce oil and gas from the leased property.
Participating interests refer to the rights, interests, and obligations of contractors based on cooperation contracts (Kontrak Kerja Sama/KKS) in the oil and gas sector. Participating interests constitute a form of KKS between the government and contractors for the management of an oil and gas working area.
Working interest This will be reported on Schedule C, along with the expenses directly related and indirectly related. These include overhead, dry hole, legal and administrative, taxes, and other operating expenses.
