Kansas Oil / Gas Management and Service Agreement
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How to fill out Oil / Gas Management And Service Agreement?
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FAQ
The assignor of the interest usually reserves a specified overriding royalty interest, with the option to convert the overriding royalty interest to a specified working interest upon payout of drilling and production expenses, otherwise known as a back-in after payout (BIAPO).
Before Payout (BPO): the period before Payout occurs. In the context of a JOA or similar agreement, BPO is often used to describe the period before the Consenting Parties have recovered the costs of Production, plus the Non-Consent Penalty.
1. n. [Oil and Gas Business] The point at which all costs of leasing, exploring, drilling and operating have been recovered from production of a well or wells as defined by contractual agreement.
Before Payout (BPO): The period before a well has paid out the costs to drill, complete and operate. 6. Carried Interest: a fractional interest in an oil and gas property which has no obligation for operating costs. Operating costs are borne by owner(s) of the remaining interest in the property.
8/8ths / 8/8ths Basis: a term used to describe either the full Working Interest or full Net Revenue Interest with respect to a given Tract. Pursuant to an Oil and Gas Lease, the Lessor retains the Lessor Royalty.
The Conservation Division of the Kansas Corporation Commission (KCC) regulates oil and natural gas production in the state per the Kansas Administrative Regulations.
Sometimes called at payout, the point after all the costs of exploring, drilling, producing, equipping, completing, and operating have been recouped from the sale of production from an oil or gas well.
With today's drilling and completion (D&C) costs, $100/bbl prices would allow a horizontal Wolfcamp well to reach discounted payback in just under six months (IRR of 1058%). With prices at $25/bbl, wells would not reach discounted payback for 11.5 years (IRR of 3.57%).