The Maine Affidavit of Production is a legal document used to extend an oil and gas lease beyond its primary term. This document enables the lessee to demonstrate the production of oil and gas from the leased property, thereby justifying the need for an extension of the lease. Keywords: Maine Affidavit of Production, extend oil and gas lease, beyond primary term, lessee, production, leased property. There are different types of Maine Affidavits of Production to Extend Oil and Gas Lease Beyond Primary Term, which may depend on specific circumstances or requirements. Some of these variations may include: 1. Maine Affidavit of Production for a Well on Leased Property: This type of affidavit is used when the lessee has drilled a well on the leased property and can provide evidence of consistent oil and gas production. It allows the lessee to request an extension of the lease based on the productive output of the well. 2. Maine Affidavit of Production for Multiple Wells on Leased Property: In situations where the lessee has drilled multiple wells on the leased property, this affidavit is utilized. It presents comprehensive documentation of the combined production from all wells as justification for extending the oil and gas lease beyond its primary term. 3. Maine Affidavit of Production for Offshore Leased Property: When the leased property is located offshore, such as in coastal areas or marine territories, this affidavit would be applicable. It highlights the offshore oil and gas production, typically from platforms or other offshore infrastructure, and seeks the extension of the lease accordingly. 4. Maine Affidavit of Production for Shale or Unconventional Gas Reservoirs: In cases where the leased property contains shale gas or other unconventional gas reservoirs, this specific affidavit is used. It outlines the unique production techniques employed for extracting gas from such reservoirs and argues for an extension of the lease based on the potential for continued production. These are just a few examples of different types of Maine Affidavits of Production to Extend Oil and Gas Lease Beyond Primary Term. The specific type required will depend on the circumstances and unique characteristics of the leased property and its resources. It is crucial to consult with legal professionals familiar with Maine's regulations and guidelines to ensure accuracy and compliance when drafting and submitting these affidavits.
Maine Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term
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How to fill out Maine Affidavit Of Production To Extend Oil And Gas Lease Beyond Primary Term?
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Oil and gas production is the general process of manufacturing oil and natural gas from wells and turning them into the final petroleum products that consumers can use.
Held by production is an oil & gas industry term indicating a property is under lease and that the lease is being perpetuated in the secondary term by the production of oil or gas in paying quantities. An oil & gas may be in HBP status for many years if the wells located on the leased land keep producing.
"Held by production" is a provision in an oil or natural gas property lease that allows the lessee, generally an energy company, to continue drilling activities on the property as long as it is economically producing a minimum amount of oil or gas.
Held by production is an oil & gas industry term indicating a property is under lease and that the lease is being perpetuated in the secondary term by the production of oil or gas in paying quantities. An oil & gas may be in HBP status for many years if the wells located on the leased land keep producing.
The production department is responsible for the safe and efficient operation of the company's wells, while meeting the requirements of federal and local government regulations. The production department is also responsible for well testing, production measurement and control.
The primary term is the initial period during which a well may be drilled. If a successful well is drilled within the primary term, the lease will extend for as long as the well remains productive. If a well is not drilled within the primary term, the lease will usually expire.
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.
These basic lease terms ? bonus, royalty, term, delay rental (if any) and shut-in royalty --are typically the "deal terms" negotiated between the Lessor and Lessee. The Lessor typically wants the highest bonus, delay rental and royalty fraction he can get, and the shortest primary term. The Lessee wants the opposite.
