New Mexico Relinquishment Provision - All offset Wells

State:
Multi-State
Control #:
US-OG-716
Format:
Word; 
Rich Text
Instant download

Description

This clause addresses the responsibilites in the event any Party elects not to participate in the drilling of a well and provides for the relinquishment of interest and assignments by that party.

The New Mexico Relinquishment Provision, specifically referring to All offset Wells, is a crucial aspect of oil and gas operations in the state. This provision pertains to the legal requirements and procedures for the relinquishment of rights to oil and gas development on a specific lease or tract of land in New Mexico. It ensures that operators adequately and responsibly relinquish their rights, allowing for the efficient, safe, and environmentally conscious development of natural resources. Under the New Mexico Relinquishment Provision — All offset Wells, operators are obliged to release their rights to develop the oil and gas reserves of a particular lease or tract of land when the drilling and production activities on the surrounding offset wells prove that there is no further potential of substantial hydrocarbon accumulations. The purpose of this provision is to ensure that operators do not hold onto leases unnecessarily while preventing waste and safeguarding the interests of all stakeholders. Various types of New Mexico Relinquishment Provision — All offset Wells may exist, depending on the specific rules and regulations set by the New Mexico Oil Conservation Division (OCD) or other regulatory bodies. These provisions typically entail specific criteria, guidelines, and timelines that operators must adhere to when releasing their lease rights. Some common types of relinquishment provisions include: 1. Standard Relinquishment Provision: This type would require operators to give up their lease rights within a specific timeframe, usually when production from offset wells is no longer economically viable. 2. Restricted Timeframe Relinquishment Provision: In certain cases, there may be stricter timelines for relinquishment. Operators might be required to release their lease rights if no new drilling activities occur within a specified number of years. 3. Progressive Relinquishment Provision: Under this provision, operators may be obliged to relinquish their lease rights in phases or stages. Each phase would correspond with the expiration or non-renewal of specific parts of the lease, ensuring the efficient development of resources over time. 4. Area-Specific Relinquishment Provision: This type of relinquishment provision may apply to specific geographic areas within New Mexico, where operators must release their lease rights if offset wells show no potential for further hydrocarbon discoveries or production. Overall, the New Mexico Relinquishment Provision — All offset Wells serves as a mechanism to ensure responsible resource development, minimize resource waste, and maintain transparency and accountability in the oil and gas industry. Operators must carefully adhere to these provisions to promote sustainable and efficient extraction of New Mexico's valuable oil and gas reserves.

How to fill out New Mexico Relinquishment Provision - All Offset Wells?

You can devote hours on the Internet trying to find the legal document design which fits the state and federal needs you will need. US Legal Forms supplies 1000s of legal varieties which can be analyzed by professionals. It is simple to acquire or print the New Mexico Relinquishment Provision - All offset Wells from the services.

If you already possess a US Legal Forms profile, you can log in and click on the Down load key. After that, you can comprehensive, modify, print, or indication the New Mexico Relinquishment Provision - All offset Wells. Each and every legal document design you buy is your own property for a long time. To obtain an additional copy of the acquired type, proceed to the My Forms tab and click on the corresponding key.

If you use the US Legal Forms web site initially, keep to the easy instructions listed below:

  • Very first, make certain you have selected the correct document design for that state/town that you pick. Read the type description to make sure you have picked the proper type. If readily available, take advantage of the Preview key to search from the document design also.
  • If you would like locate an additional model of your type, take advantage of the Search field to get the design that meets your requirements and needs.
  • Upon having located the design you would like, click Purchase now to continue.
  • Find the costs plan you would like, enter your credentials, and register for an account on US Legal Forms.
  • Complete the purchase. You can utilize your bank card or PayPal profile to fund the legal type.
  • Find the formatting of your document and acquire it in your system.
  • Make modifications in your document if necessary. You can comprehensive, modify and indication and print New Mexico Relinquishment Provision - All offset Wells.

Down load and print 1000s of document layouts using the US Legal Forms site, which offers the largest collection of legal varieties. Use specialist and state-certain layouts to handle your small business or specific requires.

Form popularity

FAQ

The oil and gas proceeds derived from the sale of production from any well producing oil, gas or related hydrocarbons in New Mexico shall be paid to all persons legally entitled to such payments, commencing not later than six months after the first day of the month following the date of first sale and thereafter not ...

Section 30-3-2 - Aggravated assault. C. wilfully [willfully] and intentionally assaulting another with intent to commit any felony. Whoever commits aggravated assault is guilty of a fourth degree felony.

Concealing identity consists of concealing one's true name or identity, or disguising oneself with intent to obstruct the due execution of the law or with intent to intimidate, hinder or interrupt any public officer or any other person in a legal performance of his duty or the exercise of his rights under the laws of ...

The New Mexico Statutes Annotated is the official codification of New Mexico's laws. Session Laws are a collection of the laws passed in a particular legislative session, in the order they were passed. Statutes are laws enacted by legislative bodies.

Section 70-10-5 - Application; penalty. D. the party entitled to payment has failed or refused to execute a reasonable division or transfer order acknowledging the proper interest to which he claims to be entitled and setting forth a mailing address to which payment may be directed.

Interesting Questions

More info

Make sure the document meets all the necessary state requirements. · If possible preview it and read the description before purchasing it. · Press Buy Now. Dec 1, 2022 — premises, lessee shall drill such offset well or wells as a ... If there are 4 wells to be drilled in the W2W2 of a section all in the Wolfcamp.The following form is designed as the "Development Form." It may be used by the commissioner for oil and gas leases on lands classified as restricted lands and ... by CH FOWLER · Cited by 5 — ... a full, accurate and complete log, and also a complete specimen of drill cuttings of any and all wells drilled by lessee on the leased lands. [ L.' '25, Ch ... Jul 19, 2014 — ... offset any well or wells completed in the same ... all lands of the State of New Mexico embracing undeveloped regular well spacing or proration. Feb 26, 2004 — ... wells in the State of New Mexico shall file a C-. 115 electronically ... wells is to protect all ground water of the State of New Mexico which. (a) A lessee may relinquish his lease to the state at any time by recording the relinquishment in each county in which all or part of the leased area is located ... Jul 7, 1988 — communitization agreement signed by the operator and complete in all ... There shall be no obligation on the lessees to offset any well or wells ... These are preprinted forms that have been prepared for a landlord to use with all tenants. These forms will have blank spaces to be filled in for rent, deposits ... Information provided in this manual reflects laws and regulations in effect in New Mexico as of 2014. This manual is intended as a practical guide for the ...

Trusted and secure by over 3 million people of the world’s leading companies

New Mexico Relinquishment Provision - All offset Wells