Illinois Due Diligence Overview Oil and Gas Properties
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How to fill out Due Diligence Overview Oil And Gas Properties?
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FAQ
For an oil and gas company, due diligence provides insight into the titles and leases for the various properties, wells, and tracts of land used by the seller. The selling company puts forth data that says, ?I own this, I want to sell it, and someone wants to buy it.?
There is oil production in 40 of the 102 counties in Illinois. Most of the production is located in the southern part of Illinois. The oil producing area of Illinois is part of a geologic structure or province known as the Illinois Basin.
Illinois Oil and Gas Act (225 ILCS 725) provides for the conservation of oil and gas resources through the protection of correlative rights, proper well spacing, integration and unitization of mineral interests; and for the regulation of the drilling, construction, operation, and plugging of oil and gas production ...
Illinois oil production has remained remarkably steady through good economic times and bad over the past 20-plus years at an average of more than 9 million barrels per year. Illinois currently ranks 16th out of 31 oil producing states in annual production, with production occurring in 45 counties.
Definition. The Gas Use Tax Act is imposed on persons who purchase natural gas from outside of Illinois for their own use (not for resale). Purchasers may pay the Gas Use Tax to their distributor or may elect to become a self-assessor.
Oil speculators looked to Illinois as early as the 1860s and found some success in the early 1900s. But the real boom began Jan. 27, 1937, when the Adams Oil and Gas company struck oil on Glenn Merryman's farm in Marion County, setting off a southern Illinois oil boom that lasted half a century.