This form is used in the event any part to this Agreement elects not to participate in a Horizontal Exploratory Well, the non-participating party shall, on commencement of operations for the well, relinquish to the participating party one hundred percent (100%) of its rights, title, and interests in and to that portion of the Contract Area included within the Drilling Unit for the well and one hundred percent (100%) of the party’s rights, title, and interests in and to that portion of the Contract Area.
Hawaii Relinquishment Provision - Horizontal Well
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US-OG-718
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FAQ
A clause in an oil & gas lease that allows a lessee to keep the lease in effect past the primary term by substituting payment of shut-in royalty for actual production.
"De Minimis" Encroachment A "de minimis structure position discrepancy" is where a structure extends onto the adjoining property by no more than: For commercial, industrial, and multi-unit residential property - 0.25 feet. For all other residential property - 0.5 feet. For agricultural and rural property - 0.75 feet.
For residential homes, what are the required building setbacks? In general, dwellings must be set back 10 feet from the front property line and 5 feet from the side and rear property lines. However, side and rear yards must be larger for floor area ratios exceeding 0.6.
The deed or assignment of lease must be signed (in black ink) by the current owner and the new owner before a notary public. The deed or assignment of lease must be recorded in the State of Hawaii Bureau of Conveyances or Land Court. A Conveyance Tax Certificate must be filed and any tax due must be paid.
The Pugh Clause ? A clause in the Oil and Gas Lease which modifies usual pooling language to provide that drilling operations on or production from a pooled unit will not preserve the whole lease.
The shut-in royalty clause is a necessary and integral component of any oil/gas lease. The ability to shut-in a well, however, must be balanced with the obligation to diligently market the gas and generate production royalties.
Royalty Payment Clauses A royalty is agreed upon as a percentage of the lease, minus what was reasonably used in the lessee's production costs. This is stipulated in a Royalty Clause. The royalty is paid by the lessee to the owner of the mineral rights, the lessor in the lease.
Shut in a well in the Oil and Gas Industry To shut in a well is to close off a well so that it stops producing. well. Related wordsTo cap a well also means to seal a well off and to kill a well is to stop it from flowing by the use of mud or water to stop the pressure.
