This form is one which grants the Operator the right to request and receive from each Non-Operator payment in advance of its respective share of (i) the dry hole cost or (at Operator’s election) the completed well cost for the Initial Well to be drilled.
Louisiana Advance of Well Costs
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Multi-State
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US-OG-693
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Word;
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How to fill out Advance Of Well Costs?
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FAQ
However, a pooling agreement is any agreement that brings together separately owned, usually small, mineral or leasehold interests in order to comply with state regulatory laws to drill a single well.[1] Specifically in Texas, the purpose is to accumulate sufficient surface acreage to permit drilling operations on a ...
Louisiana has a forced-pooling statute that allows an operator to propose to the Department of Conservation a unit for a well which, if approved, forces all mineral owners in the unit to pool their interests for the drilling and production of that well.
Louisiana law requires that all new water wells constructed in the state, and older wells that have been re-worked, be registered with the Office of Conservation. A Water Well Registration Form is to be submitted to the agency within 30 days of completion.
Under Louisiana's forced pooling statutes, the Commissioner may form drilling units and appoint an operator to drill and operate wells for all owners in the unit.
Drilling a residential water well costs $25 to $65 per foot or $3,750 to $15,300 on average for a complete system and installation. Prices include the drilling, a pump, casing, wiring, and more.
As a recap, the risk charge for a unit well, substitute unit well, or cross-unit well that will serve as the unit well or substitute well for the unit shall be 200% of such tract's allocated share of the cost of drilling, testing, and completing the well, exclusive of amounts the drilling owner remits to the ...
