This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
Bronx New York Offset Well Protection and Payment of Compensatory Royalty
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Multi-State
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Bronx
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US-OG-810
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How to fill out Offset Well Protection And Payment Of Compensatory Royalty?
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FAQ
Shut in a well in the Oil and Gas Industry (0283028ct 026an 0259 w025bl) phrase. (Extractive engineering: Field development, Drilling) To shut in a well is to close off a well so that it stops producing. An emergency shutdown valve was installed on the wellhead to shut in the well at any time.
The offset well is drilled for purposes of obtaining information which will help in planning a proposed well. An offset well is a wellbore which is close to a proposed well, and which provides information for planning the proposed well.
Wildcat well means an oil and gas producing well which is drilled and completed in a pool, as defined under Section 40-6-2, in which a well has not been previously completed as a well capable of producing in commercial quantities.
An oil or gas well drilled on a tract of land designed in theory to prevent actual or potential drainage of oil or gas from a well located on an adjacent tract of land.
Compensatory royalty agreement An agreement developed for unleased Federal or Indian land being drained by a well located on adjacent land. condensate Liquid hydrocarbons (normally exceeding 45 degrees of API gravity) recovered at the surface without resorting to processing.
An offset well is an existing wellbore that may be used as a guide for planning a well. Many offsets could be referred to in the planning of a well, to identify subsurface geology and pressures. Offset well data may be combined with seismic data and prior experience.
in clause (or shutin royalty clause) traditionally allows the lessee to maintain the lease by making shutin payments on a well capable of producing oil or gas in paying quantities where the oil or gas cannot be marketed, whether due to a lack of pipeline connection or otherwise.
In such circumstances where a gas well has been completed but no market exists for the gas, the shut-in clause enables a lessee to keep the non-producing lease in force by the payment of the shut-in royalty.
Essentially, the shut-in royalty provision allows a lessee to temporarily cease production (i.e., shut-in a well) and pay a shut-in royalty to the lessor in place of the royalty on production that is not occurring during the shut-in period.
An oil well is a hole dug into the Earth that serves the purpose of bringing oil or other hydrocarbons - such as natural gas - to the surface. Oil wells almost always produce some natural gas and frequently bring water up with the other petroleum products.
