The Texas Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment is a legal document used in the state of Texas to certify the cessation of production and plugging of an oil or gas well, while also specifying the date of the last royalty payment made. This affidavit plays a crucial role in ensuring compliance with regulatory requirements and maintaining accurate records in the energy industry. Keywords: Texas, Affidavit, Cessation of Production, Plugging of Well, Royalty Payment, Oil, Gas, Legal Document, Regulatory Requirements, Energy Industry. There are different types of Texas Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment based on specific circumstances. They include: 1. Texas Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment — Standard: This type of affidavit is used when a well has permanently ceased production, and the operator needs to provide confirmation regarding the cessation date and the last royalty payment made. 2. Texas Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment — Temporary Cessation: This type of affidavit is utilized when a well temporarily stops production due to maintenance, repairs, or other operational reasons. It allows the operator to specify the date of temporary cessation and the last royalty payment issued before the halt. 3. Texas Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment — Permanently Plugged: This affidavit is employed when a well has been permanently plugged due to depletion, profitability, or environmental considerations. It requires the operator to provide details about the plugging date and the final royalty payment made. 4. Texas Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment — Transfer of Ownership: This type of affidavit is necessary when there is a change in well ownership. It allows the new operator to verify the cessation and plugging of the well, along with the date of the last royalty payment, as part of the acquisition process. These different types of Texas Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment serve to ensure accurate documentation of well status and royalty payments, facilitating compliance with state regulations and providing transparency in the oil and gas industry.
Texas Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment
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12.5% to 15% The royalty percentage is usually 12.5% to 15% but can change based on regional regulations or negotiations. Types of Leases: There are different types of oil and gas leases, and they affect royalty calculations differently. How to Calculate Oil and Gas Royalty Payments? - Pheasant Energy pheasantenergy.com ? how-to-calculate-oil-... pheasantenergy.com ? how-to-calculate-oil-...
In a new decision, the Texas Supreme Court has ruled that producers must pay royalties based on amounts greater than the gross proceeds received in selling oil and gas. This windfall for royalty owners is only required when the lease contains a unique "add-to-proceeds" or "proceeds plus" royalty clause. Texas Supreme Court holds that oil and gas royalties are ... Norton Rose Fulbright ? publications Norton Rose Fulbright ? publications
Most states and many private landowners require companies to pay royalty rates higher than 12.5%, with some states charging 20% or more, ing to federal officials. The royalty rate for oil produced from federal reserves in deep waters in the Gulf of Mexico is 18.75%. Biden increases oil royalty rate and scales back lease sales on federal ... npr.org ? 2022/04/16 ? biden-federal-oil-lea... npr.org ? 2022/04/16 ? biden-federal-oil-lea...
Oil & Gas Production Date or Month Your royalty checks will arrive 2-3 months after production begins, as there is a tremendous amount of accounting and production sales information that require delayed payments. After you receive your first payment, you will then receive them monthly. Understanding Your Oil and Gas Royalty Statement - Landgate landgate.com ? news ? understanding-your-... landgate.com ? news ? understanding-your-...
In such a circumstance, the Payor may elect to file what is known as an Interpleader action to determine the proper owner (or might be encouraged to do so). In an Interpleader, the stakeholder sues the parties who are asserting conflicting claims to the royalties due and deposits the royalties into the court.
Typically, the GLO receives a 20 to 25 percent royalty from oil and gas produced from leases on state land and may take this royalty in cash or in kind, which can be sold competitively to public entities such as gas or electricity (see Energy Marketing).
