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.
A Mecklenburg North Carolina Relinquishment Provision — Horizontal Well refers to a specific provision included in the regulations governing oil and gas extraction in the county of Mecklenburg, North Carolina. This provision emphasizes the conditions under which an operator is required to relinquish control of a horizontal well after its productive life is over. In essence, the relinquishment provision ensures that once a horizontal well has reached the end of its useful lifespan or has depleted its hydrocarbon resources, the operator must initiate the process of abandoning the well site responsibly, in compliance with environmental and safety standards. Here are some relevant keywords to better understand the Mecklenburg North Carolina Relinquishment Provision — Horizontal Well: 1. Mecklenburg County: Refers to the specific county in North Carolina where the provision is applicable. 2. Relinquishment Provision: Describes the condition set by the county for operators to abandon horizontal wells at the end of their productive life. 3. Horizontal Well: A type of well bore drilled horizontally to improve production from hydrocarbon-bearing formations. In this provision, the focus lies on horizontal wells rather than vertical wells. 4. Operator: The entity or individual responsible for the exploration, drilling, operation, and management of the horizontal well. 5. Abandonment: The process of permanently sealing off a well and restoring the well site to its original condition or as per regulatory requirements. 6. Hydrocarbon Resources: Refers to the oil and gas reservoirs present beneath the surface, which the operator aims to produce through the horizontal well. Possible types of Mecklenburg North Carolina Relinquishment Provision — Horizontal Wells may vary based on specific conditions or aspects imposed by the county. However, the provision generally applies to horizontal wells regardless of the hydrocarbon being extracted (oil or gas). It uniformly addresses the requirements for abandonment and site restoration once the horizontal well becomes unproductive or reaches the end of its operational life. Overall, the Mecklenburg North Carolina Relinquishment Provision — Horizontal Well ensures that operators responsibly manage the life cycle of horizontal wells, safeguarding against potential environmental damage and promoting the consistent enforcement of industry regulations.A Mecklenburg North Carolina Relinquishment Provision — Horizontal Well refers to a specific provision included in the regulations governing oil and gas extraction in the county of Mecklenburg, North Carolina. This provision emphasizes the conditions under which an operator is required to relinquish control of a horizontal well after its productive life is over. In essence, the relinquishment provision ensures that once a horizontal well has reached the end of its useful lifespan or has depleted its hydrocarbon resources, the operator must initiate the process of abandoning the well site responsibly, in compliance with environmental and safety standards. Here are some relevant keywords to better understand the Mecklenburg North Carolina Relinquishment Provision — Horizontal Well: 1. Mecklenburg County: Refers to the specific county in North Carolina where the provision is applicable. 2. Relinquishment Provision: Describes the condition set by the county for operators to abandon horizontal wells at the end of their productive life. 3. Horizontal Well: A type of well bore drilled horizontally to improve production from hydrocarbon-bearing formations. In this provision, the focus lies on horizontal wells rather than vertical wells. 4. Operator: The entity or individual responsible for the exploration, drilling, operation, and management of the horizontal well. 5. Abandonment: The process of permanently sealing off a well and restoring the well site to its original condition or as per regulatory requirements. 6. Hydrocarbon Resources: Refers to the oil and gas reservoirs present beneath the surface, which the operator aims to produce through the horizontal well. Possible types of Mecklenburg North Carolina Relinquishment Provision — Horizontal Wells may vary based on specific conditions or aspects imposed by the county. However, the provision generally applies to horizontal wells regardless of the hydrocarbon being extracted (oil or gas). It uniformly addresses the requirements for abandonment and site restoration once the horizontal well becomes unproductive or reaches the end of its operational life. Overall, the Mecklenburg North Carolina Relinquishment Provision — Horizontal Well ensures that operators responsibly manage the life cycle of horizontal wells, safeguarding against potential environmental damage and promoting the consistent enforcement of industry regulations.
