This form is used in the event any part to this Agreement elects not to participate in a Horizontal Exploratory Well, the non-participating party shall, on commencement of operations for the well, relinquish to the participating party one hundred percent (100%) of its rights, title, and interests in and to that portion of the Contract Area included within the Drilling Unit for the well and one hundred percent (100%) of the party’s rights, title, and interests in and to that portion of the Contract Area.
The Cook Illinois Relinquishment Provision, also known as the Cook Illinois Horizontal Well Relinquishment Provision, is a regulation pertaining to oil and gas extraction in the state of Illinois. This provision specifically focuses on horizontal well drilling operations and governs the relinquishment of wells that have been drilled with a horizontal trajectory. Under the Cook Illinois Relinquishment Provision — Horizontal Well, oil and gas companies are required to follow certain guidelines and procedures when it comes to the abandonment and relinquishment of horizontal wells. The intent of this provision is to ensure the safe and responsible decommissioning of wells and minimize potential environmental risks associated with them. The Cook Illinois Relinquishment Provision applies to various types of horizontal wells, including those used for conventional oil and gas extraction as well as wells used for unconventional methods such as hydraulic fracturing (fracking). The provision covers both new drilling operations and existing wells that are being decommissioned. It is important to note that the Cook Illinois Relinquishment Provision — Horizontal Well includes several key requirements. These requirements may include specific procedures for plugging and abandoning wells, removing equipment and infrastructure, and restoring the site to its original condition or as per relevant environmental regulations. Additionally, the provision may impose certain reporting and documentation obligations on oil and gas companies. The Cook Illinois Relinquishment Provision aims to ensure the proper closure and decommissioning of horizontal wells to prevent potential environmental contamination, protect groundwater resources, and minimize any adverse impacts on nearby ecosystems. By adhering to this provision, companies are expected to adhere to strict standards and guidelines that prioritize environmental sustainability and safety. In summary, the Cook Illinois Relinquishment Provision — Horizontal Well is a regulatory measure in Illinois that specifically addresses the relinquishment and decommissioning of horizontal wells. It applies to various types of wells and imposes specific requirements to ensure safe and responsible practices. Following this provision is crucial for oil and gas companies to mitigate any potential environmental risks and safeguard the surrounding communities and ecosystems.The Cook Illinois Relinquishment Provision, also known as the Cook Illinois Horizontal Well Relinquishment Provision, is a regulation pertaining to oil and gas extraction in the state of Illinois. This provision specifically focuses on horizontal well drilling operations and governs the relinquishment of wells that have been drilled with a horizontal trajectory. Under the Cook Illinois Relinquishment Provision — Horizontal Well, oil and gas companies are required to follow certain guidelines and procedures when it comes to the abandonment and relinquishment of horizontal wells. The intent of this provision is to ensure the safe and responsible decommissioning of wells and minimize potential environmental risks associated with them. The Cook Illinois Relinquishment Provision applies to various types of horizontal wells, including those used for conventional oil and gas extraction as well as wells used for unconventional methods such as hydraulic fracturing (fracking). The provision covers both new drilling operations and existing wells that are being decommissioned. It is important to note that the Cook Illinois Relinquishment Provision — Horizontal Well includes several key requirements. These requirements may include specific procedures for plugging and abandoning wells, removing equipment and infrastructure, and restoring the site to its original condition or as per relevant environmental regulations. Additionally, the provision may impose certain reporting and documentation obligations on oil and gas companies. The Cook Illinois Relinquishment Provision aims to ensure the proper closure and decommissioning of horizontal wells to prevent potential environmental contamination, protect groundwater resources, and minimize any adverse impacts on nearby ecosystems. By adhering to this provision, companies are expected to adhere to strict standards and guidelines that prioritize environmental sustainability and safety. In summary, the Cook Illinois Relinquishment Provision — Horizontal Well is a regulatory measure in Illinois that specifically addresses the relinquishment and decommissioning of horizontal wells. It applies to various types of wells and imposes specific requirements to ensure safe and responsible practices. Following this provision is crucial for oil and gas companies to mitigate any potential environmental risks and safeguard the surrounding communities and ecosystems.
