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.
Puerto Rico Relinquishment Provision - Exploratory Well
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Multi-State
Control #:
US-OG-717
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Word;
Rich Text
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FAQ
The lowest general government debt to GDP ratio in the region was found in Puerto Rico, where the total public debt accounted for only 15.6 percent of the country's GDP as of 2023.
The Oversight Board filed a Plan of Adjustment with the U.S. District Court for the District of Puerto Rico that reduces the debt by 80% and saves Puerto Rico more than $50 billion in debt service payments.
The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) is a U.S. federal law enacted in 2016 that established a financial oversight board, a process for restructuring debt, and expedited procedures for approving critical infrastructure projects in order to combat the Puerto Rican government-debt ...
Specifies and defines Puerto Rico's non-territorial status options: Independence, Sovereignty in Free Association with the United States, and Statehood. Provides for an objective, nonpartisan, federally funded voter education campaign leading up to the vote.
25, proposing a resolution to the Puerto Rico Electric Power Authority's (PREPA) $9 billion in outstanding debt. Although the plan represents significant progress over earlier FOMB proposals, it still falls short of what is needed.
In 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), which created the Puerto Rico Financial Oversight and Management Board to restructure the Commonwealth's unsustainable burden of more than $72 billion in debt and more than $55 billion in unfunded pension liabilities.
PROMESA provides mechanisms for restructuring this debt: Puerto Rico's creditors are separated into groups based on the different legal rights of their claims, such as the kind of bonds they own or other claims, such as pensions.
President Woodrow Wilson signed the Jones-Shafroth Act (1917) on March 2, 1917, giving Puerto Ricans U.S. statutory citizenship. This act also separated Puerto Rico's government into Executive, Judicial, and Legislative branches, and endowed Puerto Ricans with a bill of rights.
