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 Fulton Georgia Relinquishment Provision — Horizontal Well is an important aspect of the oil and gas industry in the region. This provision primarily aims to outline the relinquishment process for horizontal wells drilled within the Fulton County, Georgia area. It involves specific guidelines and regulations that need to be followed during the relinquishment of these wells. A Fulton Georgia Relinquishment Provision — Horizontal Well typically includes various key elements. Firstly, it outlines the criteria for when a well can be considered for relinquishment. This may include factors such as production decline, economic viability, or other factors specified by local regulatory authorities. Secondly, the provision details the technical requirements for the relinquishment process. This may include actions like plugging the well bore, capping equipment, and restoring the well site to its original condition. The provision also ensures adherence to safety and environmental standards during the relinquishment. Furthermore, there may be different types of Fulton Georgia Relinquishment Provision — Horizontal Wells, each with their own specific requirements. These may include: 1. Standard Relinquishment — This type of relinquishment applies to horizontal wells that have reached the end of their economic life or are no longer viable for productive purposes. It involves following the prescribed procedures to responsibly decommission the well. 2. Premature Relinquishment — In certain cases, a horizontal well may need to be relinquished before its expected economic life due to unforeseen circumstances. This could include technical challenges, environmental concerns, or operational changes. The premature relinquishment provision provides guidelines for handling such situations appropriately. 3. Non-Operational Relinquishment — When a horizontal well is temporarily or permanently shut down due to regulatory or operational reasons, this provision applies. It dictates the procedures to be followed for plugging and abandonment during the period of non-operation. It is important for operators and stakeholders in the oil and gas industry to stay up to date with the Fulton Georgia Relinquishment Provision — Horizontal Well guidelines. Compliance with these provisions ensures the responsible management and decommissioning of horizontal wells, protecting both the environment and the interests of the local community.
