This form is used in the event any part to this Agreement elects not to participate in a Horizontal Exploratory Well, the non-participating party shall, on commencement of operations for the well, relinquish to the participating party one hundred percent (100%) of its rights, title, and interests in and to that portion of the Contract Area included within the Drilling Unit for the well and one hundred percent (100%) of the party’s rights, title, and interests in and to that portion of the Contract Area.
Virginia Relinquishment Provision - Horizontal Well
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Multi-State
Control #:
US-OG-718
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Word;
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How to fill out Relinquishment Provision - Horizontal Well?
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FAQ
A horizontal well is a well which has sections that have been drilled at more than 80 degrees from the vertical in order to penetrate a greater length of the reservoir. A well which has sections more than 80 degrees from the vertical is called a horizontal well.
A spacing unit is a legally described boundary designated by a governmental agency (the Oklahoma Corporation Commission (OCC) in the case of Oklahoma)) as a ?common source of supply? of oil and gas for purposes of dividing fairly, among the various owners, production from a particular well or wells.
What is a Multi-unit Well? ? A horizontal well in a shale reservoir where the completion. interval of the well is located in more than one spacing unit. formed for the same shale reservoir - the well is producing from. the reservoir in two or more such spacing units.
Multiunit horizontal well means a horizontal well in a shale reservoir wherein the completion interval of the well is located in more than one unit formed for the same shale reservoir, with the well being completed in and producing from such shale reservoir in two or more of such units; Sample 1.
Advantages And Disadvantages AdvantagesDisadvantagesThese wells increase oil and gas production.These wells are highly expensive to build and maintain.It prevents seepage of water and gas into the well.The digging and finishing of the well is a complicated process needing skilled and special machinery.3 more rows
