Oil and Gas Law

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PART III. TAX & BUSINESS MATTERS
Chapter 13. Oil & Gas Taxation
A. Basic Principles
1. The Property Concept
2. Intangible Drilling Costs Deduction
3. Depletion
a. Cost Depletion
b. Percentage Depletion
(1) Economic Interest Concept
(2) Independent Producers' & Royalty Owners' Limitation
B. Taxation of Transfers of Mineral Rights
1. Lease Payments
a. Lease Bonus
b. Delay Rentals
c. Royalty Payments
2. Lease Transfers
a. The Sale/Sublease Distinction
b. Production Payments
c. Sharing Arrangements
C. Taxation of Oil & Gas Development
1. Forms of Ownership
a. Corporation
b. Partnership
c. Concurrent Ownership
2. Taxation of Search Costs: Geological & Geophysical Costs
3. Taxation of Development Costs
a. Intangible Drilling Costs
b. Equipment Costs
4. Taxation of Oil & Gas Production
a. Tax Treatment of the Owners of Production
b. The Crude Oil Windfall Profit Tax
Chapter 14. Oil & Gas Contracts
A. Support Agreements
B. Farmout Agreements
C. Operating Agreements
1. Purpose
2. Common Substantive Issues
a. Scope of the Operator's Authority
b. Initial Drilling
c. Additional Development
D. Drilling Contracts
1. Kinds of
2. Model Form
E. Gas Contracts
1. Term
2. Price
a. Price Escalation
b. Deregulation
c. Buyer Protection
E. Gas Contracts continued
3. Take Provisions
4. Commitment
5. Reservations
6. Conditions of Delivery
F. Gas Balancing Agreements
1. The Gas Balancing Problem
2. Common Substantive Provisions
G. Division Orders

notes. not for profit.