The Franklin Ohio Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment is a legal document used in the oil and gas industry to officially declare the cessation of production and the plugging of a well in the Franklin Ohio area. This affidavit is filed by the operator or leaseholder of the well to provide necessary information regarding the well's closure and the last date of royalty payment. The affidavit serves as proof that the well is no longer in production and that all operations related to it have been properly concluded according to the state's regulations. It ensures that the well is adequately plugged, maintaining safety and environmental standards at the site. Keywords for this topic may include: 1. Franklin Ohio: This refers to the specific geographical area in Ohio where the well is located. 2. Affidavit: A legal document that requires the affine (the person making the statement) to provide sworn testimony, in this case, about the cessation of production and the plugging of the well. 3. Cessation of Production: The official termination of oil or gas extraction from the well. 4. Plugging of Well: The process of permanently sealing the well bore to prevent any migration of fluids between different formations underground. 5. Royalty Payment: The compensation paid to the mineral rights owner or leaseholder based on the extracted oil or gas, typically calculated as a percentage of production. Different types of Franklin Ohio Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment can include variations based on specific requirements or guidelines set by the Franklin Ohio authorities. Although there may be different versions, their purpose and essential components remain the same: to provide confirmation of the well's closure and the last date of royalty payment.
Franklin Ohio Affidavit of Cessation of Production and Plugging of Well Specifying Date of Last Royalty Payment
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How to fill out Affidavit Of Cessation Of Production And Plugging Of Well Specifying Date Of Last Royalty Payment?
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FAQ
The current royalty rate officially charged for oil, gas, and coal drilled or mined from U.S. public lands is 12.5 percent. Remarkably, for oil and gas, this rate has not changed since the 1920s; for coal, it's been in effect since the 1970s.
A savings clause in an oil & gas lease that keeps the lease in effect after a once-productive well stops producing oil or gas if certain conditions are met. The lessee must either begin reworking the well to restore production or start drilling a new well within a specified time.
Essentially, the shut-in royalty provision allows a lessee to temporarily cease production (i.e., shut-in a well) and pay a shut-in royalty to the lessor in place of the royalty on production that is not occurring during the shut-in period.
Royalties. U.S. federal oil and gas royalties are payments made by companies to the federal government for the oil and gas extracted on public lands and waters. With a royalty, owners of the resourcein this case, U.S. taxpayerscollect a share of the profits based on the value or volume of the oil and gas extracted.
A royalty is the price charged by the energy resource owner for the right to develop those resources.
Shut in a well in the Oil and Gas Industry (0283028ct 026an 0259 w025bl) phrase. (Extractive engineering: Field development, Drilling) To shut in a well is to close off a well so that it stops producing. An emergency shutdown valve was installed on the wellhead to shut in the well at any time.
in clause (or shutin royalty clause) traditionally allows the lessee to maintain the lease by making shutin payments on a well capable of producing oil or gas in paying quantities where the oil or gas cannot be marketed, whether due to a lack of pipeline connection or otherwise.
As a mineral owner, your primary goal is to sell oil and gas royalties for the highest amount possible. You want to put as many dollars in your pocket as you can when you sell oil royalties. To maximize value when you sell royalties, the key is to get your property in front of a large audience of mineral rights buyers.
Royalties. U.S. federal oil and gas royalties are payments made by companies to the federal government for the oil and gas extracted on public lands and waters. With a royalty, owners of the resourcein this case, U.S. taxpayerscollect a share of the profits based on the value or volume of the oil and gas extracted.
After obtaining production from a previously shut-in well, the well may be shut in again for a maximum term of five years as provided in the lease and subsection (h)(1) of this section.
