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.
Relinquishment Provision - Exploratory Well
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Multi-State
Control #:
US-OG-717
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Word;
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FAQ
Relinquishment of right is referred to as the surrender of one's ownership rights and claims in a property in favor of another person.Relinquishment of right is not without any consideration, the consideration may be in the form of money, exchange of property or arrangement between family members.
Some common synonyms of relinquish are abandon, resign, surrender, waive, and yield.
They will never voluntarily relinquish their independence. When you relinquish the desire to control your future, you can have more happiness. No one wants to relinquish power once they have it. He was forced to relinquish control of the company. He does not intend to relinquish power.
Glossary Term. Voluntary relinquishment. To voluntarily relinquish possession with the intent of terminating ownership, but without vesting it in any other person. In determining whether one has abandoned his property or rights, intent is the paramount object of inquiry, for to abandon, one must intend to abandon.
Voluntary Relinquishment means the free-will, non-coerced consent of a parent or Indian custodian to permanently give up custody of a child, to have parental rights terminated and then have the child placed for adoption.
