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Affidavit As to Receipt of Rental / Shut-In Payment by Lessor

San Bernardino California Affidavit As to Receipt of Rental / Shut-In Payment by Lessor

Name: San Bernardino California Affidavit As to Receipt of Rental / Shut-In Payment by Lessor
Brand: US Legal Forms
Rating: 4.87 (318 reviews)

Category:

Oil Gas and Minerals - Affidavits

State:

Multi-State

County:

San Bernardino

Control #:

US-OG-189

Format:

Instant download

Description

An affidavit is statement of facts which is sworn to (or affirmed) before an officer who has authority to administer an oath (e.g. a notary public). This Affidavit is for the purpose of recognizing receipt of a rental or royalty payment and deem the Lease to be in force and effect as a result of that payment.

18 U.S.C. Sec. 152(1) CONCEALMENT OF PRO...

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FAQ

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.

In the petroleum industry, shutting-in is the implementation of a production cap set lower than the available output of a specific site. This may be part of an attempt to constrict the oil supply or a necessary precaution when crews are evacuated ahead of a natural disaster.

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.

In such circumstances where a gas well has been completed but no market exists for the gas, the shut-in clause enables a lessee to keep the non-producing lease in force by the payment of the shut-in royalty.

Royalty interest in the oil and gas industry refers to ownership of a portion of a resource or the revenue it produces. A company or person that owns a royalty interest does not bear any operational costs needed to produce the resource, yet they still own a portion of the resource or revenue it produces.

A payment stipulated in the oil and gas lease, which royalty owners receive in lieu of actual production, when a gas well is shut-in due to lack of a suitable market, a lack of facilities to produce the product, or other cases defined within the shut-in provisions contained in the oil and gas lease.

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.

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In a warranty deed, the grantor promises to pay for any lawsuits or damages due to undisclosed ownership disputes. 7. Lease of Mineral Deposits Within Acquired Lands. 351. 8.Development of Lignite Coal Resources. 401. 9. The salt of the items. Graduate students are preferred.

San Bernardino California Affidavit As to Receipt of Rental / Shut-In Payment by Lessor

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