Allegheny Pennsylvania Underground Storage Lease and Agreement (Surface Only)

State:
Multi-State
County:
Allegheny
Control #:
US-OG-1182
Format:
Word; 
Rich Text
Instant download

Description

This form is an underground storage lease and agreement for surface only.

Allegheny Pennsylvania Underground Storage Lease and Agreement (Surface Only) is a legally binding contract primarily used in the oil and gas industry. This agreement grants the lessee the right to use the surface of a specified property in Allegheny, Pennsylvania for the purpose of underground storage activities. The lease and agreement outline the terms, conditions, and rights associated with the use of the surface for underground storage. Keywords: Allegheny Pennsylvania, underground storage, lease, agreement, surface only, oil and gas industry, property, terms, conditions, rights. Types of Allegheny Pennsylvania Underground Storage Lease and Agreement (Surface Only): 1. Natural Gas Storage Lease: This specific type of underground storage lease and agreement pertains to the storage of natural gas in subsurface geological formations, such as depleted reservoirs or caverns. It outlines the lessee's rights to use the surface for gas storage and the obligations associated with it. 2. Propane Storage Lease: Propane storage leases focus on creating facilities for the underground storage of propane gas. These leases specify the lessee's rights to use the surface solely for storing propane and any related activities necessary for its storage. 3. Petroleum Product Storage Lease: Petroleum product storage leases cover the underground storage of various petroleum products, such as gasoline, diesel, or jet fuel. They outline the rights, responsibilities, and regulations regarding the use of the leased surface area for specific petroleum product storage purposes. 4. Underground Water Storage Lease: This type of lease and agreement pertains to the storage of water in underground reservoirs or other geological formations. It covers the lessee's rights to use the surface for water storage and any associated obligations, such as maintaining the quality and quantity of the stored water. Each of these different types of the Allegheny Pennsylvania Underground Storage Lease and Agreement (Surface Only) provides specific guidelines and considerations based on the nature of the materials being stored underground. It is important to consult with legal professionals and adhere to local regulations when entering into any underground storage lease agreement to ensure compliance and protect the rights of all parties involved.

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FAQ

"Held by production" is a provision in an oil or natural gas property lease that allows the lessee, generally an energy company, to continue drilling activities on the property as long as it is economically producing a minimum amount of oil or gas.

After completion, a well can produce for as long as 20 to 40 yearsproviding energy and long-term revenue to governments and mineral owners and sustaining local jobs. The drilling rig and related equipment are only temporary and are removed when the well is finished.

Every gas well drilled in such pool: a) Shall be on a drilling unit consisting of (1) one hundred sixty (160) contiguous surface acres, or (2) a governmental quarter section containing not less than one hundred forty- four (144) acres or more than one hundred seventy-six (176) acres.

How long do gas wells produce? The life expectancy of a natural gas well in shale is 30 to 50 years, with 30 years being the most common.

Onshore wells can be considerably cheaper, particularly if the field is at a shallow depth, where costs range from less than $4.9 million to $8.3 million, and the average completion costing $2.9 million to $5.6 million per well.

Back when records began, oil wells were an average of 3,635 feet deep. But that was 65 years ago - and since 1949 we have used up these 'shallow' reserves. Oil is a finite resource, meaning we now have to dig deeper to find it - with the 2008 average depth coming in at an average of 5,964 feet.

Fracking is expensive, but still less costly than the methods used to obtain oil from the wells mentioned above. According to Reuters, estimates put the break-even point for fracking at around $50 per barrel, but other estimates put it as low as $30 per barrel.

"Some wells are profitable at $2.65 per thousand cubic feet, others need $8.10 2026 the median is $4.85," Medlock said.

Field rules might establish density rules of 40 acres per well up to 640 acres per well. Density rules for gas reservoirs generally provide for larger proration units than oil wells because wells in conventional gas reservoirs are able to drain a larger area than wells in conventional oil reservoirs.

However, a natural gas well doesn't work in the same way at all. A water well is created by drilling a hole in the ground and letting it fill with water. A natural gas well needs to drill further, into the underground rock itself. That means these wells are deeper and therefore more dangerous to create.

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Again, as was the case in Whiteman, the subsurface rights of Chesapeake were sourced from a third party lease agreement. Like the Whitemans, the Teels.Underground storage of natural or artificial gas in natural or man- made caverns. Gation to enter into such an agreement. 4. Federal oil and gas leases exist within these corridors. In an underground pumped storage arrangement the lower reservoir would be located below ground up to 4,000 feet below the surface reservoir. Completing Your Answer Sheet.

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Allegheny Pennsylvania Underground Storage Lease and Agreement (Surface Only)