Title: New Mexico Assignment and Bill of Sale of Well Bores — An Overview and Types Introduction: In the energy-rich state of New Mexico, the Assignment and Bill of Sale of Well Bores play a crucial role in facilitating the transfer of ownership rights and responsibilities related to oil and gas well bores. This article provides a comprehensive description of what these documents are, their significance, and explores the different types that exist within New Mexico's jurisdiction. Detailed Description: 1. New Mexico Assignment of Well Bores: — The New Mexico Assignment of Well Bores is a legal document used to transfer ownership rights, interests, and responsibilities from one party to another. — It clearly outlines the well bore(s) being assigned, along with details such as the assigned party's name, address, contact information, and consideration or payment terms. — This agreement ensures a transfer of legal title, associated rights, and obligations to the assignee. 2. New Mexico Bill of Sale of Well Bores: — The New Mexico Bill of Sale of Well Bores is a legally binding document that confirms the sale of existing well bores from one party to another. — It serves as evidence for the change in ownership, typically including details such as the conveyance date, parties involved, well bore identification, purchase price, and any warranties or representations made by the seller. — This document acts as a receipt and provides documentation of the sale for both parties involved. Types of New Mexico Assignment and Bill of Sale of Well Bores: 1. Assignment and Bill of Sale of Producing Well Bores: — This type of assignment and bill of sale deals with the transfer of ownership of actively producing well bores. — It includes specific terms related to production, reserves, and any ongoing contractual obligations. 2. Assignment and Bill of Sale of Non-Producing Well Bores: — This type of assignment and bill of sale applies to well bores that are not currently producing oil or gas. — It may include provisions related to future development potential, leasehold operations, and any pending regulatory or compliance requirements. 3. Assignment and Bill of Sale of Plugged and Abandoned Well Bores: — Plugged and abandoned well bores refer to those that have reached the end of their productive life and require permanent closure. — This type of assignment and bill of sale involves the transfer of ownership of such well bores, along with the associated liabilities and obligations related to decommissioning and environmental restoration. Conclusion: The New Mexico Assignment and Bill of Sale of Well Bores are vital legal instruments that facilitate the transfer of ownership rights and responsibilities related to oil and gas well bores. Understanding the different types of assignments and bill of sale based on the well bore's production status helps ensure accurate documentation and compliance with state regulations. These documents play a crucial role in the efficient management of New Mexico's energy resources and the smooth transition of ownership within the industry.
New Mexico Assignment and Bill of Sale of Well Bores
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FAQ
An overriding royalty interest (ORRI) is an undivided interest in a mineral lease giving the holder the right to a proportional share (receive revenue) of the sale of oil and gas produced. The ORRI is carved out of the working interest or lease.
Oil and Gas Interest means any oil or gas royalty or lease, or fractional interest therein, or certificate of interest or participation or investment contract relative to such royalties, leases or fractional interests, or any other interest or right which permits the exploration of, drilling for, or production of oil ...
Wellbore Interest means, for each Subject Well, a specified percentage of AEE's right, title and interest in and to: (i) the applicable Subject Well and associated wellbore and all Hydrocarbons and other substances produced therewith, (ii) all equipment, contracts and other personal property and fixtures associated ...
Oil and gas interests are interests in real property and thereby have the same attributes as other real property such as a home or a ranch. Although the ownership of oil and gas interests can take many forms, courts commonly analogize the ownership of oil and gas interests to a bundle of sticks.
Wellbore. An assignment can be limited to the wellbore of a well. A wellbore limitation means that the assignor is assigning only those rights to production from the wellbore of a certain well, arguably at the total depth it existed at the time of the assignment.
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
The oil and gas business; assignments are the documents used. to accomplish transfers of lease rights .1./ Although the. common form of assignment may appear to be a rather simple. document, the respective rights and obligations of the parties.
