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.
Oklahoma Gas Storage and Secondary Recovery Unit Agreement
Category:
State:
Multi-State
Control #:
US-OG-774
Format:
Word;
Rich Text
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How to fill out Gas Storage And Secondary Recovery Unit Agreement?
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FAQ
How do I find mineral rights I own? The only way to determine mineral rights ownership in Oklahoma is to do a title search at the courthouse where the property is located. To do this, you must review all deeds and other legal conveyances pertaining to the subject tract back to 1907.
Based in Oklahoma City, Continental is the largest leaseholder and the largest producer in the nation's premier oil field, the Bakken play of North Dakota and Montana.
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.
The statutory minimum is 1/8th or 12.5%, but it may be as high as 1/4th, or 25%. Since the 1990s, Oklahoma royalties have typically been at least 18.75 percent, but 20 to 25 percent is not unheard of for Oklahoma mineral owners.
The world's largest oil field, Saudi Arabia's Ghawar Field, for instance, produces around 4 million barrels of oil per day, accounting for well over 1/3 of Saudi Arabia's total production.
A Pugh Clause terminates the lease as to the portions of the land that are not included in a unit if the lessee does not conduct independent operations. Therefore, the Pugh Clause requires the lessee to develop areas of the lease that are not included in a unit.
The Oklahoma City Oil Field is one of the world's giant petroleum fields and is located in Oklahoma City, Oklahoma in the United States of America. The field was opened just south of the city limits on December 4, 1928, and first entered Oklahoma City limits on .
Much of the state's oil and gas production happens in the STACK shale play. The STACK acronym stands for Sooner Trend (shale formation), Anadarko (basin), Canadian and Kingfisher (counties). The region is ?stacked? with hydrocarbon-rich layers that allow drillers to target pay zones at multiple depths.