A New Mexico Notice of Change of Operator Under Unit Operating Agreement is a legal document used to inform all relevant parties about the change in the designated operator for a specific unit operating under an operating agreement in the state of New Mexico. This agreement governs the rights and responsibilities of all the participating parties within the unit. Under New Mexico law, there are various types of Notice of Change of Operator, depending on the specific circumstances and requirements. Some of these types include: 1. Notice of Change of Operator for Oil and Gas Unit: — This type of notice is issued when there is a change in the designated operator responsible for managing and overseeing the operations related to oil and gas activities within a unit. 2. Notice of Change of Operator for Mining Unit: — In the context of mining operations, this type of notice is used to inform all relevant parties about the change in the operator responsible for the management, exploration, and development of mineral resources within a designated unit. 3. Notice of Change of Operator for Renewable Energy Unit: — This notice is used specifically in cases where there is a transition of operators within a renewable energy unit, such as wind, solar, or geothermal. It notifies all involved parties about the change in the designated operator responsible for the operation and maintenance of the renewable energy resources within that specific unit. Regardless of the type, a New Mexico Notice of Change of Operator Under Unit Operating Agreement generally contains essential information, including: — Unit name and identification number: A unique name and number to identify the unit subject to the operating agreement. — Effective date: The date on which the change of operator will become valid and implemented. — Parties involved: The names and contact details of all relevant parties, such as the current operator, new operator, working interest owners, and other stakeholders. — Reason for change: A brief explanation of the reasons behind the change in operator, which may include operational decisions, financial considerations, or regulatory requirements. — Rights and obligations: The document may outline the specific rights, duties, and liabilities of both the current and new operator under the operating agreement. — Approval and acceptance: Signatures or acknowledgments from the parties involved to signify their agreement and acceptance of the change in operator. In conclusion, a New Mexico Notice of Change of Operator Under Unit Operating Agreement serves as a formal means to notify all stakeholders about the transition of operator ship within a specific unit. Whether it is related to oil and gas, mining, or renewable energy, this document ensures the smooth transfer of responsibilities, rights, and obligations between the outgoing and incoming operators.
New Mexico Notice of Change of Operator Under Unit Operating Agreement
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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 ...
The New Mexico Oil and Gas Justice and Reform Act Reforms the Basic Framework of the 1935 Oil and Gas Act to: Expand the duties and authorities of the Oil Conservation Commission (OCC) and Oil Conservation Division (OCD) to include: Protection of the environment, Protection of public health, and.
Except for the incentive programs described in the following table, the tax rate is 3.75% of taxable value which is defined to exclude royalties paid to federal, state or tribal governments and reasonable expense oftrucking any product from the production unit to the first place of market.
In 2022, over 48% of New Mexico's state budget was supported by the oil and natural gas industry, translating into funding for schools, building roads and strengthening our communities.In 2021, The Land of Enchantment received over $327 million dollars in conservation funding from the Land and Water Conservation Fund, ...
The Oil Conservation Division of the Energy, Minerals and Natural Resources Department regulates oil, gas, and geother- mal activity in New Mexico, including issuing well permits, ensuring abandoned wells are plugged and the land restored, and enforcing regulations and laws.
