This form provides that when Operator, in good faith, believes or determines that the actual costs for any Drilling, Reworking, Sidetracking, Deepening, or Plugging Back operation conducted under this Agreement will exceed a designated of the costs estimated for the operation on the approved AFE, the Operator will give prompt notice by telephone to the other Parties participating in the operation, as well as delivering a supplemental AFE estimating the costs necessary to complete the operation. Each Party receiving the supplemental AFE shall have forty-eight from receipt of the notice to elect to approve Operators recommendation or propose an alternative operation.
North Dakota Cost Overruns for Non-Operator's Non-Consent Option
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US-OG-700
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Working Interest Types Those with this interest are in charge of paying for operational costs, including paying each royalty owner. Non-operating working interest: This is an interest in the oil well, lease, or another unit of production that involves no operational duties.
operating working interest refers to an interest in an oil and gas property that does not participate in the daytoday operations of drilling, testing, completion, and maintenance of the production or the sale of the minerals produced.
While non-consent penalties can vary, they are commonly 300% of the net revenue generated by the project. ? When a working interest owner(s) elect to go non-consent on a project some or all of the working interest owners who choose to participate must carry the burden for the non-consenting owners.
Forced Pooling (sometimes called Statutory or Compulsory Pooling) is a legal mechanism that allows oil and gas operators to drill wells when they are unable to get 100% of the mineral interests to commit to support the drilling of a well.
Non-Consent Operation means any drilling, completion, recompletion, deepening, sidetracking, reworking or other operation with respect to an oil and/or gas well or a proposed oil and/or gas well under the Operating Agreement Terms, the costs of which are chargeable or allocable to the account of less than all of the ...