Kansas Option Agreement to Purchase Producing Oil and Gas Properties
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How to fill out Option Agreement To Purchase Producing Oil And Gas Properties?
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FAQ
Nationally, Kansas ranks as the 9th largest oil producing state and 14th largest natural gas producing state.
The rate of such tax shall be 8% of the gross value of all oil or gas severed from the earth or water in this state and subject to the tax imposed under this act.
What is the Average Life Span of a Well? he average life span of an oil or natural gas well is 20 to 30 years. However, new technologies are being developed to find ways to extend the life span. The life span of a well is based on the active years the well is in production.
The average depth of a Kansas well today is approximately 3,500 feet. The cost of drilling and equipping an average 3,500-4,500 foot well can be approximately $450,000. At approximately $180,000, the cost of a 3,500-4,500 foot dry hole is considerably less than a fully equipped producing well.
Kansas is also an oil-refining state. A network of pipelines delivers crude oil to the state's three refineries, which combined can process about 390,000 barrels of crude oil per day.
As the largest oil producer in the U.S., it is not surprising that Texas is home to the most productive U.S. oil basin, the Permian. The Permian has routinely accounted for at least 50 percent of total onshore production.
Kansas statewide summary oil and gas data that goes back to 1980 and contains information on the 429,917 wells that have been drilled in the state since that time. Kansas is ranked #14 in the US based on Barrels of Oil Equivalent (BOE) produced in May 2023.
Kansas is the eighth-largest ethanol-producing state, and its 12 ethanol plants have a combined production capacity of about 601 million gallons a year.
