The Tennessee Gas Storage Unit Agreement is a contractual agreement between a gas storage company and the owner of a depleted producing property in Tennessee. This agreement allows the gas storage company to establish a storage unit within the property for the purpose of storing natural gas. Key terms and phrases related to the Tennessee Gas Storage Unit Agreement include: 1. Tennessee Gas Storage: The gas storage company that enters into the agreement with the property owner for the establishment of a storage unit. 2. Depleted Producing Property: Refers to a property that has previously been used for gas production but is no longer producing commercially viable amounts of natural gas. 3. Storage Unit: The designated area within the property where natural gas will be stored. This can be in underground reservoirs or other suitable storage facilities. 4. Unit Agreement: The legal contract that outlines the terms and conditions of the storage unit establishment, including rights, responsibilities, and compensation for both parties. 5. Natural Gas Storage: The process of storing natural gas during periods of low demand and withdrawing it during high demand periods. This ensures a steady supply of gas for consumers and helps stabilize prices. Tennessee Gas Storage Unit Agreement can vary depending on specific circumstances and requirements. Some possible variations or types of agreements include: 1. Lease Agreement: The property owner leases a specific portion of the depleted producing property to the gas storage company for the establishment of a storage unit. This agreement may include provisions for lease duration and rental fees. 2. Joint Venture Agreement: In some cases, the property owner and gas storage company may enter into a joint venture to establish the storage unit. This means both parties will contribute resources and potentially share profits or losses. 3. Operating Agreement: This type of agreement outlines the operational aspects of the storage unit, such as maintenance, safety measures, and environmental compliance. It ensures that both parties are aligned in their obligations and responsibilities. 4. Termination Agreement: If the need for the storage unit diminishes or other circumstances change, the parties may enter into a termination agreement to dissolve the unit and resolve any remaining obligations. In conclusion, the Tennessee Gas Storage Unit Agreement allows a gas storage company to establish a storage unit on a depleted producing property in Tennessee. This agreement outlines the rights, responsibilities, and compensation of both the gas storage company and the property owner. Different types of agreements may exist, such as lease agreements, joint ventures, operating agreements, or termination agreements, depending on specific circumstances.
Tennessee Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property)
Description
How to fill out Tennessee Gas Storage Unit Agreement (Establish Unit On Depleted Producing Property)?
You can invest hrs on the web trying to find the legitimate papers format that fits the federal and state needs you require. US Legal Forms supplies a huge number of legitimate kinds which can be evaluated by professionals. You can actually down load or printing the Tennessee Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property) from the service.
If you have a US Legal Forms profile, it is possible to log in and click on the Down load switch. Afterward, it is possible to comprehensive, change, printing, or sign the Tennessee Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property). Each legitimate papers format you purchase is your own for a long time. To have yet another copy of any bought type, check out the My Forms tab and click on the corresponding switch.
If you use the US Legal Forms website for the first time, adhere to the basic guidelines listed below:
- Initial, ensure that you have chosen the correct papers format for your state/city of your choosing. Browse the type outline to make sure you have chosen the correct type. If available, use the Preview switch to search through the papers format too.
- If you would like find yet another version of your type, use the Research field to obtain the format that fits your needs and needs.
- Upon having discovered the format you would like, simply click Buy now to continue.
- Pick the pricing program you would like, enter your references, and register for your account on US Legal Forms.
- Complete the purchase. You can utilize your Visa or Mastercard or PayPal profile to cover the legitimate type.
- Pick the formatting of your papers and down load it to your system.
- Make changes to your papers if needed. You can comprehensive, change and sign and printing Tennessee Gas Storage Unit Agreement (Establish Unit on Depleted Producing Property).
Down load and printing a huge number of papers web templates while using US Legal Forms web site, which provides the greatest selection of legitimate kinds. Use professional and express-particular web templates to handle your small business or individual demands.
Form popularity
FAQ
The whole tank floats in a circular or annular water reservoir, held up by the roughly constant pressure of a varying volume of gas, the pressure determined by the weight of the structure, and the water providing the seal for the gas within the moving walls.
Royalty interest in the oil and gas industry refers to ownership of a portion of a resource or the revenue it produces. A company or person that owns a royalty interest does not bear any operational costs needed to produce the resource, yet they still own a portion of the resource or revenue it produces.
The assignor of the interest usually reserves a specified overriding royalty interest, with the option to convert the overriding royalty interest to a specified working interest upon payout of drilling and production expenses, otherwise known as a back-in after payout (BIAPO).
Business process outsourcing (BPO) alleviates the burden of back-office accounting work in upstream oil and gas, allowing you and your team to focus on what matters most ? promoting company growth and profitability.
Sometimes called at payout, the point after all the costs of exploring, drilling, producing, equipping, completing, and operating have been recouped from the sale of production from an oil or gas well.
AFE: abbreviation of Authority for Expenditure. After Payout (APO): the period after Payout has occurred. In the context of a JOA or similar agreement, APO is often used to describe the period after the Consenting Parties have recovered the costs of Production plus the Non-Consent Penalty.