Tennessee 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 Tennessee Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment is a legal document issued by the state of Tennessee to declare the cessation of production and the plugging of an oil or gas well. This affidavit serves to provide valuable information regarding the termination of production and to specify the date of the last royalty payment made. When an oil or gas well is no longer productive, it is essential to properly seal and abandon it to prevent any potential environmental hazards. The Tennessee Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment ensures that these necessary steps have been taken and that the proper authorities are made aware of the well's status. This affidavit contains several key elements to accurately convey the information needed. Firstly, the document will require the identification of the well, including its name, location, and lease number. This information is crucial in differentiating between different wells and ensuring the accuracy of the record. Secondly, the affidavit will state the date on which production ceased, indicating the exact point in time when the well was no longer extracting oil or gas. Providing this specific detail helps authorities keep track of wells and their productivity. Additionally, the affidavit will specify the date of the last royalty payment made for the well. Royalty payments are compensation given to landowners or leaseholders for the extraction of natural resources from their property. By indicating the date of the last royalty payment, this affidavit assists in maintaining accurate financial records and ensures that all necessary payments have been made according to legal requirements. It is worth noting that there may be different types of the Tennessee Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment, depending on specific circumstances or additional information needed. For instance, there might be a variation for different types of wells, such as oil wells or gas wells. These variations ensure that the pertinent details for each well type are appropriately documented.

The Tennessee Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment is a legal document issued by the state of Tennessee to declare the cessation of production and the plugging of an oil or gas well. This affidavit serves to provide valuable information regarding the termination of production and to specify the date of the last royalty payment made. When an oil or gas well is no longer productive, it is essential to properly seal and abandon it to prevent any potential environmental hazards. The Tennessee Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment ensures that these necessary steps have been taken and that the proper authorities are made aware of the well's status. This affidavit contains several key elements to accurately convey the information needed. Firstly, the document will require the identification of the well, including its name, location, and lease number. This information is crucial in differentiating between different wells and ensuring the accuracy of the record. Secondly, the affidavit will state the date on which production ceased, indicating the exact point in time when the well was no longer extracting oil or gas. Providing this specific detail helps authorities keep track of wells and their productivity. Additionally, the affidavit will specify the date of the last royalty payment made for the well. Royalty payments are compensation given to landowners or leaseholders for the extraction of natural resources from their property. By indicating the date of the last royalty payment, this affidavit assists in maintaining accurate financial records and ensures that all necessary payments have been made according to legal requirements. It is worth noting that there may be different types of the Tennessee Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment, depending on specific circumstances or additional information needed. For instance, there might be a variation for different types of wells, such as oil wells or gas wells. These variations ensure that the pertinent details for each well type are appropriately documented.