This form is used for the purposes of more effectively developing, producing, and operating the Unit Area in order to prevent surface and underground waste, and obtain the greatest ultimate recovery of production of oil and gas, promote conservation, and to afford each of the Parties the right to recover their fair and equitable share of the production to be obtained from the Unit Area, or to receive the attributable proceeds of such production.
New Mexico Gas Storage and Secondary Recovery Unit Agreement
Category:
State:
Multi-State
Control #:
US-OG-774
Format:
Word;
Rich Text
Instant download
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How to fill out Gas Storage And Secondary Recovery Unit Agreement?
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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.
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 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.
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, ...