This form is used in the event any part to this Agreement elects not to participate in a Horizontal Exploratory Well, the non-participating party shall, on commencement of operations for the well, relinquish to the participating party one hundred percent (100%) of its rights, title, and interests in and to that portion of the Contract Area included within the Drilling Unit for the well and one hundred percent (100%) of the party’s rights, title, and interests in and to that portion of the Contract Area.
The Wisconsin Relinquishment Provision — Horizontal Well refers to a legal provision that governs the relinquishment of oil and gas rights in the state of Wisconsin, specifically for horizontal well operations. This provision outlines the regulations and processes that operators must follow when relinquishing their wells and associated rights. The Wisconsin Relinquishment Provision — Horizontal Well consists of various types, each catering to different aspects of the relinquishment procedure. Some notable types include: 1. Well Relinquishment Process: This type focuses on the step-by-step process that operators need to follow when relinquishing a horizontal well. It includes procedures to properly plug and abandon the well, as well as guidelines for notifying and coordinating with relevant authorities. 2. Adjustments in Ownership: This facet of the provision deals with the transfer or change in ownership of the well and its associated rights. It outlines the requirements for operators to notify the state regulatory body of any changes in ownership and provides guidance on the necessary documentation to be provided. 3. Lease Termination: This type of Wisconsin Relinquishment Provision — Horizontal Well specifically addresses the termination of leases associated with the horizontal well. It describes the process for terminating a lease agreement and details the obligations of both parties involved in the termination. 4. Environmental Considerations: This aspect highlights the environmental responsibilities that operators have when relinquishing a horizontal well. It emphasizes compliance with environmental regulations for activities such as plugging, abandonment, and site restoration to ensure minimal impact on the surrounding ecosystem. 5. Financial Obligations: This type of relinquishment provision focuses on the financial obligations associated with surrendering a horizontal well. It includes requirements for operators to fulfill any outstanding financial commitments such as lease rentals, royalties, or bonding obligations before the relinquishment can be considered complete. Overall, the Wisconsin Relinquishment Provision — Horizontal Well forms an essential part of the regulatory framework for the oil and gas industry in Wisconsin, ensuring that operators adhere to standardized procedures when relinquishing their horizontal well operations. Compliance with this provision helps maintain environmental integrity, promote efficient transfer of ownership, and safeguard the interests of all parties involved.
