Bond (Single Well) 2025

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The document is a bond form (OGB-3) required by the State Oil and Gas Board of Alabama for individuals or entities proposing to drill, operate, or produce a well for oil or gas. It outlines the obligations of the principal(s) and surety, including compliance with state laws and regulations, prevention of environmental pollution, and proper abandonment procedures if the well is not commercially viable. The bond ensures financial accountability to the state.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How much does a single bond cost?

Single Entry Bond : A single entry bond is usually calculated at $5.50 per $1000 of the Bond Amount, or a $55.00 minimum fee .

Who is responsible for abandoned oil wells?

If an operator becomes insolvent or deserts their idle wells, responsibility for permanently sealing and closing these wells may fall to the State. Since 1977, CalGEM has plugged and abandoned about 1,400 wells at a cost of $29.5 million.

What is a surety bond good for?

Being bonded means that someone else is covered if you need to make a claim against the bond. This is ing to The Hartford, which is a highly respected company.

What is the meaning of a good bond?

A bond between people is a strong feeling of friendship, love, or shared beliefs and experiences that unites them.

What is a well bond?

One common requirement is for states to require well owners to submit a bond or other financial assurance that helps cover the cost of closing and sealing wells that are no longer productive or actively used.

What does well bonded mean?

People or animals who are bonded have a close connection that makes them want to be together: The two cats left at the vets office were obviously a bonded pair and it would have been cruel to separate them. Because the players spend a lot of time traveling together they are very well bonded.

Bond (Single Well) 2025

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