Wayne Michigan Well Takeover

Name: Wayne Michigan Well Takeover
Brand: US Legal Forms
Rating: 4.6 (384 reviews)

Category:

Oil Gas and Minerals - Assignments

State:

Multi-State

County:

Wayne

Control #:

US-OG-491

Format:

Instant download

Description

This is a Well Takeover form, the assignor shall have the option to take over any well, such option to be exercised by mailing or otherwise giving notice to assignee of assignors intention to take over a well.

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For plugging only, costs average roughly $20,000, while full decommissioning (i.e., plugging and remediation) costs an average of $76,000. In rare cases, costs could be $1,000 per well, while in others over $1 million per well may be needed.

Texas had by far the largest job loss in the oil and gas industry of any state between March of 2020 and November of 2021. The Texas Railroad Commission, which regulates the oil and gas industry, estimates there are about 7,000 orphaned wells in the state.

A well is considered orphaned when there is no longer a company that's legally or financially responsible for it. This can happen because a company has financial issues or the AER suspends the well licence.

Operators desiring to take over these wells must have an active Organization Report (Form P-5) and, upon request, provide a good faith claim to operate the wells. An Orphan Well Query is available to search orphan wells by Well Type, District, County, Field, Operator and API Number.

Orphaned wells are oil, gas, and water wells with no legal ownership or financially responsible party to operate or plug the well. These wells are wards of the state and usually are placed on the state's cleanup program list, which is funded with revenues coming from the oil and gas industry.

How to legally operate an oil or gas well in Texas. Prior to operating an oil or gas well, you must first acquire a permit. To obtain a permit, applications must be sent to the Oil and Gas Division Railroad Commission. Each application must be accompanied by a $200 application fee and a surety bond in the proper amount

An oil or gas well is plugged and abandoned when it reaches the end of its useful life or becomes a dry hole. These operations include activities and tasks that present hazards to workers.

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Wayne Michigan Well Takeover

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