This form is an agreement used when the Owner is the owner of oil and gas properties consisting of producing mineral, royalty, overriding royalty, and working interests, and/or leased and unleased nonproducing mineral and royalty interests, all collectively referred to in this Agreement as the Properties. Owner desires to engage the services of Manager to advise and assist Owner in the management of the Properties, and Manager is willing to undertake those responsibilities in accordance with this Agreement.
Wyoming Oil Gas Service Agreement for Management of Properties
Category:
State:
Multi-State
Control #:
US-OG-629
Format:
Word;
Rich Text
Instant download
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How to fill out Oil Gas Service Agreement For Management Of Properties?
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FAQ
Wyoming was the eighth-largest crude oil-producing state in the nation in 2022, accounting for 2% of U.S. total crude oil output. The state was the 10th-largest natural gas producer, and accounted for about 3% of U.S. marketed gas production.
If you own mineral rights or royalties, it's important to know how much they're worth. One way to determine their value is through the income approach or discounted cash flow analysis method. In this method, the present value of all estimated future cash flows is calculated based on certain assumptions.
The deepest well drilled in Wyoming to date is a 25,830-foot true vertical depth (TVD) producing gas well in the Madden Field near Lost Cabin in Fremont County. Since the introduction of horizontal drilling, depth is measured differently than just TVD.
Total operated basis: The total reserves or production associated with the wells operated by an individual operator. This is also commonly known as the "gross operated" or "8/8ths" basis.
A unit agreement entails a BLM-approved agreement to cooperate in all facets of oil and gas production, without regard to lease boundaries and ownership. All unit agreements are subject to Onshore Oil and Gas Operations regulations (43 CFR Part 3160).
Oil & Gas FAQ Drilling and production on Wyoming State Lands and on private lands are regulated by the WOGCC. Drilling on federal land is regulated primarily by the U.S. Bureau of Land Management or the U.S. Forest Service.
Top Producing Companies in Wyoming Ultra Resources Inc. EOG Resources Inc. Jonah Energy LLC. Crowheart Energy LLC. Anschutz Exploration Corporation. Continental Resources Inc. Exxon Mobil Corporation. Contango Resources LLC.
Wyoming's Oil & Gas Reserves Wyoming had 978 million barrels of proven oil reserves in 2021, which accounted for nearly 2.4 percent of the U.S. total reserves. As of 2021, Wyoming had an estimated 15,005 billion cubic feet of proven reserves of dry natural gas, or 2.5 percent of total U.S. reserves.