New York 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. A New York Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment is a legal document used in the state of New York to officially declare the cessation of production and plugging of an oil or gas well. This affidavit is crucial in determining the date from which royalty payments will cease. When a well reaches the end of its productive life or is no longer economically viable, the operator must ensure its proper plugging and abandonment. The New York Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment is used to establish the exact date when production ceased, and consequently, when the well is no longer obligated to pay royalties to the property owner or mineral rights' holder. There are two types of New York Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment: 1. Voluntary Cessation: This type of affidavit is submitted by the operator voluntarily, usually when they determine that it is no longer economically viable to continue production from the well. The affidavit will specify the date on which production ceased, after which any royalty payments will cease. 2. Involuntary Cessation: In some cases, the regulatory authorities may order the cessation and plugging of a well due to safety concerns, environmental regulations, or other reasons. In such instances, the operator must submit the affidavit to document the date of involuntary cessation and the subsequent suspension of royalty payments. The New York Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment serves as a legally binding document that provides transparency and clarity regarding the cessation of production from an oil or gas well. By specifying the date of the last royalty payment, it ensures fair treatment for both the operator and the property owner or mineral rights' holder. Operators must carefully complete and file this affidavit with the relevant regulatory authorities to comply with New York state regulations. It is crucial to accurately fill in all required information, including well identification, production cessation date, and details of the last royalty payment. Failing to submit this affidavit can result in legal consequences and potential disputes over royalty payments. In summary, the New York Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment plays a significant role in the oil and gas industry. It provides a legal and transparent process for documenting the cessation of production, ensuring fair treatment for both parties involved, and complying with New York state regulations.

A New York Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment is a legal document used in the state of New York to officially declare the cessation of production and plugging of an oil or gas well. This affidavit is crucial in determining the date from which royalty payments will cease. When a well reaches the end of its productive life or is no longer economically viable, the operator must ensure its proper plugging and abandonment. The New York Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment is used to establish the exact date when production ceased, and consequently, when the well is no longer obligated to pay royalties to the property owner or mineral rights' holder. There are two types of New York Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment: 1. Voluntary Cessation: This type of affidavit is submitted by the operator voluntarily, usually when they determine that it is no longer economically viable to continue production from the well. The affidavit will specify the date on which production ceased, after which any royalty payments will cease. 2. Involuntary Cessation: In some cases, the regulatory authorities may order the cessation and plugging of a well due to safety concerns, environmental regulations, or other reasons. In such instances, the operator must submit the affidavit to document the date of involuntary cessation and the subsequent suspension of royalty payments. The New York Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment serves as a legally binding document that provides transparency and clarity regarding the cessation of production from an oil or gas well. By specifying the date of the last royalty payment, it ensures fair treatment for both the operator and the property owner or mineral rights' holder. Operators must carefully complete and file this affidavit with the relevant regulatory authorities to comply with New York state regulations. It is crucial to accurately fill in all required information, including well identification, production cessation date, and details of the last royalty payment. Failing to submit this affidavit can result in legal consequences and potential disputes over royalty payments. In summary, the New York Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment plays a significant role in the oil and gas industry. It provides a legal and transparent process for documenting the cessation of production, ensuring fair treatment for both parties involved, and complying with New York state regulations.