New Mexico Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment

• Category: Oil Gas and Minerals - Affidavits
• State: Multi-State
• Control #: US-OG-008
• Format: Word; Rich Text

Description

As evidnce that an oil and gas lease has expired, a mineral owner may elect to complete and file of record an affidavit of this type. The New Mexico Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment is a crucial document in the oil and gas industry. This legal affidavit is used to formally declare the cessation of oil and gas production from a specific well and to provide the date of the last royalty payment made. It ensures compliance with the regulations set by the New Mexico Oil Conservation Division (NM OCD) and protects the interests of both the operators and the state. The affidavit serves as proof that the well has stopped producing hydrocarbons and has been plugged according to the NM OCD's guidelines. It includes relevant details such as the well's identification number, lease information, operator's name, and the location of the well. Additionally, it specifies the date on which the last royalty payment was made, ensuring accurate accounting of the revenues generated by the production. There are several types of New Mexico Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment, including: 1. Individual Well Affidavit: This type of affidavit is used to document the cessation and plugging of a single well. It is typically filed for a specific lease or operator. 2. Multi-well Affidavit: In cases where an operator needs to cease production and plug multiple wells within the same lease or field, a multi-well affidavit is used. It allows for a consolidated declaration of cessation and plugging for these wells, streamlining the process for the operator. 3. Lease-wide Affidavit: When an entire lease or unit is being abandoned, a lease-wide affidavit is utilized. This comprehensive document includes information about all wells within the lease, ensuring that the cessation and plugging of multiple wells are accurately recorded. Filing the New Mexico Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment is a crucial step in maintaining regulatory compliance. It marks the end of production, prompts the plugging of wells according to proper protocols, and certifies the date of the last royalty payment, streamlining the financial and operational aspects of the oil and gas industry in New Mexico.

The New Mexico Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment is a crucial document in the oil and gas industry. This legal affidavit is used to formally declare the cessation of oil and gas production from a specific well and to provide the date of the last royalty payment made. It ensures compliance with the regulations set by the New Mexico Oil Conservation Division (NM OCD) and protects the interests of both the operators and the state. The affidavit serves as proof that the well has stopped producing hydrocarbons and has been plugged according to the NM OCD's guidelines. It includes relevant details such as the well's identification number, lease information, operator's name, and the location of the well. Additionally, it specifies the date on which the last royalty payment was made, ensuring accurate accounting of the revenues generated by the production. There are several types of New Mexico Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment, including: 1. Individual Well Affidavit: This type of affidavit is used to document the cessation and plugging of a single well. It is typically filed for a specific lease or operator. 2. Multi-well Affidavit: In cases where an operator needs to cease production and plug multiple wells within the same lease or field, a multi-well affidavit is used. It allows for a consolidated declaration of cessation and plugging for these wells, streamlining the process for the operator. 3. Lease-wide Affidavit: When an entire lease or unit is being abandoned, a lease-wide affidavit is utilized. This comprehensive document includes information about all wells within the lease, ensuring that the cessation and plugging of multiple wells are accurately recorded. Filing the New Mexico Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment is a crucial step in maintaining regulatory compliance. It marks the end of production, prompts the plugging of wells according to proper protocols, and certifies the date of the last royalty payment, streamlining the financial and operational aspects of the oil and gas industry in New Mexico.