This form is used when any party electing not to participate in an exploratory well after the exploratory well has been drilled, relinquish and assign to the Drilling Party or Parties one hundred percent (100%) of its rights, title and interests in the Drilling Unit and the eight (8) Drilling Units directly and diagonally offsetting the Drilling Unit on which the well was drilled.
Oklahoma Relinquishment Provision - Exploratory Well
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Multi-State
Control #:
US-OG-717
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Word;
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How to fill out Relinquishment Provision - Exploratory Well?
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FAQ
In 1897, the Indian Territory Illuminating Oil Company (owned by Frank Phillips and H. V. Foster), struck oil near Bartlesville on land owned by William Johnstone. The well, named #1 Nellie Johnstone, is widely regarded as the first commercial oil well in Oklahoma.
Oklahoma's first commercial oil well came into production near Bartlesville and was called the ?Nellie Johnstone.? This early strike prompted thousands of people to stream into the region in the hopes of becoming rich. Those who drilled wells in hopes of making a strike were called ?wildcatters?.
The first commercially productive well in Indian Territory was the Nellie Johnstone No. 1 well near Bartlesville, Oklahoma (then in the Cherokee Nation), drilled in 1897. The well was added to the National Register of Historic Places (NRHP) in 1972.
A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative, other than an action by or in the right of the corporation, by reason of the ...
The Lucas gusher at Spindletop, January 10, 1901: This was the first major gusher of the Texas oil boom.
In Oklahoma, there are two major categories of land rights: surface rights and mineral rights. Surface rights are rights attached to the surface of the land. With surface rights, you have access to and the ability to build or otherwise use the surface of the land. Mineral rights are sub-surface rights.
The American Chemical Society designated the drilling by Edwin Drake of the first oil well in a ceremony in Titusville, Pennsylvania, on August 27, 2009. The plaque commemorating the event at the Drake Well Museum reads: On this site Edwin Drake drilled the world's first oil well, striking oil on August 27, 1859.
The Oklahoma Surface Damage Act guides interactions and negotiations between land surface owners and the oil companies and others who have the mineral rights. In the state, and elsewhere throughout the U.S., the owners of land parcels do not always also have ownership of what may lay below the surface.
