Title: New Mexico Affidavit of Compliance with Terms of Oil and Gas Lease by Lessee — Comprehensive Guide Keywords: New Mexico, Affidavit of Compliance, Terms, Oil and Gas Lease, Lessee Introduction: The New Mexico Affidavit of Compliance with Terms of Oil and Gas Lease by Lessee is a legal document that serves as proof of the lessee's compliance with the terms and conditions outlined in their oil and gas lease agreement in the state of New Mexico. This affidavit ensures transparency and accountability in the oil and gas industry by requiring lessees to verify their adherence to lease terms, including provisions related to drilling, operations, royalties, and environmental regulations. Types of New Mexico Affidavit of Compliance with Terms of Oil and Gas Lease by Lessee: 1. Standard Affidavit of Compliance: This type of affidavit is required to be completed by the lessee, affirming their adherence to all the terms and conditions stipulated in the oil and gas lease. It typically encompasses various aspects such as lease duration, production quotas, royalty payments, environmental regulations' compliance, and operational procedures. 2. Affidavit of Compliance — Environmental Regulations: This specific affidavit focuses primarily on the lessee's compliance with environmental regulations set forth by New Mexico's regulatory authorities. It includes provisions related to water conservation, emission control, waste management, and mitigation of any potential environmental impacts associated with the oil and gas operations. 3. Affidavit of Compliance — Royalty Payments: The Affidavit of Compliance — Royalty Payments ensures that the lessee has fulfilled their obligation to pay the agreed-upon royalties to the lessor as outlined in the oil and gas lease. It requires the lessee to provide a detailed account of all the royalties paid, including the time frame and amount disbursed. 4. Affidavit of Compliance — Drilling Operations: For lessees involved in drilling activities, this affidavit focuses on adherence to specific drilling operations requirements, including obtaining necessary permits, employing safe drilling practices, and ensuring proper cementing and casing procedures are followed. This affidavit aims to ensure the lessee's compliance with standardized drilling protocols in order to minimize any adverse impact on the environment or neighboring properties. 5. Affidavit of Compliance — Operational Procedures: This type of affidavit pertains to the overall operational procedures followed by the lessee. It typically covers aspects such as well maintenance, equipment inspections, safety protocols, operational reporting, and overall operational compliance as per the executed oil and gas lease. Conclusion: The New Mexico Affidavit of Compliance with Terms of Oil and Gas Lease by Lessee plays a vital role in ensuring that lessees meet their obligations as outlined in their lease agreements. By verifying compliance with lease terms, especially concerning royalty payments, environmental regulations, drilling operations, and operational procedures, this affidavit promotes transparency and preserves the integrity of the oil and gas industry within the state of New Mexico.
New Mexico Affidavit of Compliance with Terms of Oil and Gas Lease by Lessee
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FAQ
A person or business that produces oil and gas must obtain an Oil and Gas Reporting Identification Number (OGRID). This is different from a Business Tax Identification Number. For information about obtaining an OGRID, please contact our Oil and Gas Bureau at (505) 827-0812.
Once granted, an oil and gas lease gives the lessee a primary term ranging from 5 to 10 years, depending on water depth, to explore and develop the lease. A lessee must relinquish the lease if no activity has occurred within that specified amount of time.
Ingly, when you see the words ?Paid-Up Lease,? this normally means that you will receive an upfront bonus for which the oil and gas company does not have to do anything during the initial or primary term of the lease.
The primary term on average is 3 years. Companies can add a 2-year extension if they wish. The company that executed the lease uses this time period to achieve drilling the well. Once that is completed, the secondary term begins and lasts for as long as the well is producing.
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.
An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.
