Illinois Use of Produced Oil Or Gas by Lessor

State:
Multi-State
Control #:
US-OG-839
Format:
Word; 
Rich Text
Instant download

Description

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.

How to fill out Use Of Produced Oil Or Gas By Lessor?

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FAQ

"Held by production" is a provision in an oil or natural gas property lease that allows the lessee, generally an energy company, to continue drilling activities on the property as long as it is economically producing a minimum amount of oil or gas.

There is oil production in 40 of the 102 counties in Illinois. Most of the production is located in the southern part of Illinois. The oil producing area of Illinois is part of a geologic structure or province known as the Illinois Basin.

Illinois Oil and Gas Act (225 ILCS 725) provides for the conservation of oil and gas resources through the protection of correlative rights, proper well spacing, integration and unitization of mineral interests; and for the regulation of the drilling, construction, operation, and plugging of oil and gas production ...

The Illinois legislature responded by enacting the Dormant Mineral Interests Act in 1969. The Act was intended to facilitate development of dormant oil and gas interests by permitting consolidation of ownership into one person where it had formerly been diffused amongst many unknown or missing persons.

THE LARGEST PRODUCER IN THE ILLINOIS BASIN. Our mission at Campbell Energy is to deliver outstanding operating and financial results by building a portfolio of oil properties utilizing a ?pure play? growth-oriented strategy.

In 2022, five states combined accounted for about 72% of total U.S. crude oil production. The top five crude oil-producing states and their percentage shares of total U.S. crude oil production in 2022 were: Texas42.5% New Mexico13.3% North Dakota8.9% Colorado3.7% Alaska3.7%

Illinois crude oil production totaled 7,227,842 barrels in 2022, ing to data compiled by the Illinois Petroleum Resources Board (IPRB) that is based on first-purchaser reports.

Introduction #StateCrude Oil Production14Ohio18,147 Mbbl15Illinois7,054 Mbbl16Pennsylvania6,357 Mbbl17Michigan4,454 Mbbl28 more rows

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Illinois Use of Produced Oil Or Gas by Lessor