New Mexico Agreements, Contracts, Assignments, Pooling Orders, Etc. In the state of New Mexico, various agreements, contracts, assignments, and pooling orders play a crucial role in the management of different industries, including oil and gas, real estate, business, and more. These legal instruments facilitate the smooth operation of businesses and govern the relationships between different parties involved. Let's explore some common types of agreements, contracts, assignments, and pooling orders in New Mexico, along with their relevant keywords. 1. Oil and Gas Lease Agreements: Oil and gas lease agreements establish the terms and conditions under which oil and gas companies can explore, develop, and extract natural resources from a particular land parcel. They encompass clauses related to royalties, drilling operations, environmental obligations, and duration of the lease. Relevant keywords: exploration lease, development agreement, drilling contract, royalty agreement, lease assignment. 2. Real Estate Purchase Agreements: Real estate purchase agreements are contracts that outline the terms and conditions for buying or selling properties in New Mexico. These agreements typically include details about the purchase price, closing date, contingencies, disclosures, and responsibilities of both buyers and sellers. Relevant keywords: property sale contract, closing agreement, disclosure statement, earnest money, title assignment. 3. Business Partnership Agreements: When forming a partnership in New Mexico, business partners enter into partnership agreements. These legally binding contracts establish the rights, responsibilities, and obligations of each partner, including profit distribution, decision-making authority, dispute resolution mechanisms, and the terms of dissolution. Relevant keywords: partnership contract, profit sharing agreement, dissolution provision, business assignment. 4. Employment Contracts: Employment contracts govern the relationship between employers and employees. These agreements specify details such as job description, compensation, work hours, termination conditions, confidentiality clauses, and non-compete agreements. Relevant keywords: job agreement, compensation contract, non-disclosure agreement, non-competition clause, contract assignment. 5. Pooling Orders: Pooling orders are issued by regulatory bodies, such as the New Mexico Oil Conservation Division, to consolidate oil and gas interests within a specific geographical area. These orders enable the efficient and coordinated extraction of resources from multiple contiguous leases by pooling their resources together. Relevant keywords: unitization order, pooling agreement, spacing order, production allocation, royalty distribution. 6. Lease Assignments: Lease assignments occur when the rights and obligations of a lease agreement are transferred from one party to another. In New Mexico, these assignments often occur in the oil and gas industry when a company sells or transfers its leasehold interests to another entity. Relevant keywords: lease transfer, assignment agreement, sublease, successor-in-interest, conveyance. Overall, New Mexico Agreements, Contracts, Assignments, Pooling Orders, Etc. encompass a wide range of legal instruments that provide a framework for conducting business activities, safeguarding rights, and resolving disputes in various industries. These agreements and orders are vital for ensuring transparency, clarity, and compliance within the complex legal landscape of New Mexico.
New Mexico Agreements, Contracts, Assignments, Pooling Orders, Etc.
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In New Mexico, however, there has been no judicial recognition or inter- pretation of the compulsory pooling law even though it has been in effect since 1935-the year in which Oklahoma adopted its pooling law.
Compulsory pooling orders the division enters pursuant to NMSA 1978, Section 70-2-17, as amended, may provide for the recovery, out of the share of production allocable to the working interest of a party that elects not to pay its proportionate share of well costs in advance, in addition to reasonable well costs and ...
Compulsory pooling is used by oil and gas companies to force unleased or non-consenting landowners into oil and gas leases. It is used when oil and gas operators are unable, through voluntary agreement, to meet the acreage requirements for forming a drilling unit.
(1) An operator shall not file an application for permit to drill nor commence the drilling of a horizontal oil or gas well until the operator has either: (a) received the consent of at least one working interest owner or unleased mineral interest owner of each tract (in the target pool or formation) in which any part ...
Generally, a pooling clause will allow the leased premises to be combined with other lands to form a drilling unit, wherein proceeds from production anywhere on the drilling unit are allocated ing to the percentage of the acreage of each tract divided by the total acreage of the drilling unit.
Section 55-2-725 - Statute of limitations in contracts for sale. (1) An action for breach of any contract for sale must be commenced within four years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it.
RECs are the most common seller financing instrument used in New Mexico. With a REC, the seller transfers equitable interest in the property to the buyer upon execution of the REC, while the seller retains legal title to the property until the buyer satisfies all conditions of the REC.
A material breach occurs when one of the parties fails to perform a clause within the contract, or the whole of the contract, such that the other party never receives the goods or services promised or receives goods or services that are significantly different than those promised in the contract.