Franklin Ohio Waiver of Call on Production

• Category: Oil Gas and Minerals - Waivers
• State: Multi-State
• County: Franklin
• Control #: US-OG-566
• Format: Word; Rich Text

Description

This is a form of a Waiver of Call on Production. A Franklin Ohio Waiver of Call on Production is a legal document that allows a party in the oil and gas industry to waive their right to receive a certain percentage of the production from a well in Franklin, Ohio. This waiver is often used in joint operating agreements or lease agreements between the operator of the well and other working interest owners. The purpose of a Waiver of Call on Production is to provide flexibility to the operator in managing the production and operation of the well. By waiving their right to a certain portion of the production, the interest owner acknowledges that the operator has the authority to allocate the production as necessary for the efficient development and operation of the well. There are different types of Franklin Ohio Waiver of Call on Production that can be included in agreements: 1. Temporary Waiver: This type of waiver is effective for a specific period, such as during drilling or in the event of an emergency. It allows the operator to redirect production to optimize operations without needing to seek approval from other interest owners. 2. Percentage-based Waiver: This waiver specifies a fixed percentage of production that the interest owner agrees to waive in favor of the operator. The percentage can be negotiated and may vary depending on the circumstances or the interests of the parties involved. 3. Volume-based Waiver: Instead of a fixed percentage, this type of waiver specifies a specific volume of production that the interest owner agrees to waive. It is often used when there is a specific need for the operator to access a certain volume of production for logistical or operational reasons. 4. Contingency-based Waiver: This waiver is triggered by certain conditions or events. For example, it may be activated if the well encounters unforeseen challenges or requires additional expenditures. This type of waiver allows the operator to respond quickly to unexpected situations without delaying production. When drafting a Franklin Ohio Waiver of Call on Production, it is crucial to consider the specific circumstances, the parties' interests, and the legal requirements of the state of Ohio. Consulting with an experienced attorney knowledgeable in oil and gas law is recommended to ensure the waiver is properly prepared and complies with all relevant regulations. In summary, a Franklin Ohio Waiver of Call on Production is a legal agreement that allows an interest owner to waive their entitlement to a portion of the production from a well in Franklin, Ohio. Different types of waivers exist, including temporary, percentage-based, volume-based, and contingency-based waivers, each serving specific purposes in the oil and gas industry.

A Franklin Ohio Waiver of Call on Production is a legal document that allows a party in the oil and gas industry to waive their right to receive a certain percentage of the production from a well in Franklin, Ohio. This waiver is often used in joint operating agreements or lease agreements between the operator of the well and other working interest owners. The purpose of a Waiver of Call on Production is to provide flexibility to the operator in managing the production and operation of the well. By waiving their right to a certain portion of the production, the interest owner acknowledges that the operator has the authority to allocate the production as necessary for the efficient development and operation of the well. There are different types of Franklin Ohio Waiver of Call on Production that can be included in agreements: 1. Temporary Waiver: This type of waiver is effective for a specific period, such as during drilling or in the event of an emergency. It allows the operator to redirect production to optimize operations without needing to seek approval from other interest owners. 2. Percentage-based Waiver: This waiver specifies a fixed percentage of production that the interest owner agrees to waive in favor of the operator. The percentage can be negotiated and may vary depending on the circumstances or the interests of the parties involved. 3. Volume-based Waiver: Instead of a fixed percentage, this type of waiver specifies a specific volume of production that the interest owner agrees to waive. It is often used when there is a specific need for the operator to access a certain volume of production for logistical or operational reasons. 4. Contingency-based Waiver: This waiver is triggered by certain conditions or events. For example, it may be activated if the well encounters unforeseen challenges or requires additional expenditures. This type of waiver allows the operator to respond quickly to unexpected situations without delaying production. When drafting a Franklin Ohio Waiver of Call on Production, it is crucial to consider the specific circumstances, the parties' interests, and the legal requirements of the state of Ohio. Consulting with an experienced attorney knowledgeable in oil and gas law is recommended to ensure the waiver is properly prepared and complies with all relevant regulations. In summary, a Franklin Ohio Waiver of Call on Production is a legal agreement that allows an interest owner to waive their entitlement to a portion of the production from a well in Franklin, Ohio. Different types of waivers exist, including temporary, percentage-based, volume-based, and contingency-based waivers, each serving specific purposes in the oil and gas industry.