{"id":905,"date":"2013-04-21T02:52:20","date_gmt":"2013-04-21T02:52:20","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=905"},"modified":"2017-03-01T19:30:59","modified_gmt":"2017-03-01T19:30:59","slug":"new-mexico-plugging-bond-oil-gas-operations","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/new-mexico-plugging-bond-oil-gas-operations\/","title":{"rendered":"New Mexico Plugging Bond, Oil &#038; Gas Operations"},"content":{"rendered":"<p>A <strong>New Mexico blanket plugging bond<\/strong> is required from each person, firm, corporation or association [who]\u00a0that\u00a0operates any oil, gas or service well within the state New Mexico as a condition precedent to drilling or producing the well. \u00a0The <strong>New Mexico plugging bond<\/strong> must run to the benefit of the state and be conditioned that the well(s) be plugged and abandoned in compliance with the rules and statutes regulation petroleum exploration activities.\u00a0The <a title=\"NM Oil Conservation Div\" href=\"http:\/\/www.emnrd.state.nm.us\/OCD\/\" target=\"_blank\">State Oil Conservation Division<\/a>\u00a0establishes categories of bonding. \u00a0Those categories include a blanket plugging bond in an amount not to exceed fifty thousand dollars ($50,000) and one-well plugging bond in an amount determined sufficient to reasonably pay the cost of plugging the wells covered by the bond.\u00a0In establishing categories of <strong>New Mexico plugging bond<\/strong>, the Division must consider the depth of the well involved, the length of time since the well was produced, the cost of plugging similar wells and such other factors as the Division deems relevant.\u00a0In ADDITION to the <a title=\"NM Blanket Plugging bond form\" href=\"http:\/\/www.emnrd.state.nm.us\/OCD\/documents\/blanketsuretybond042009.pdf\" target=\"_blank\">blanket plugging bond<\/a>, the Division may require a one-well financial assurance on any well that has been held in a temporarily abandoned status for more than two years. \u00a0The <strong><a title=\"ReclamationBonds.com\" href=\"http:\/\/www.reclamationbonds.com\" target=\"_blank\">New Mexico plugging bond<\/a><\/strong> obligation is not cancelable, remaining in full force and effect until the Division\u00a0is satisfied the conditions of the financial assurance have been fully performed. \u00a0Also, the surety bond has a forfeiture provision, pursuant to\u00a0<a title=\"NM Plugging law\" href=\"http:\/\/www.nmlegis.gov\/Sessions\/13%20Regular\/bills\/house\/HB0286JCS.html\" target=\"_blank\">Section 70-2-14 NMSA 1978<\/a>, &#8220;If any of the requirements of the Oil and Gas Act or the rules promulgated pursuant to that act have not been complied with, the Division, after notice and hearing, may order any well plugged and abandoned by the operator or the <strong>New Mexico blanket plugging bond<\/strong> surety or both in accordance with Division rules. If the order is not complied with in the time period set out in the order, the financial assurance shall be <span style=\"text-decoration: underline;\">forfeited<\/span>. This particular type of obligation is very\u00a0unattractive to surety companies because of its long term, non-cancelable and forfeiture terms.<\/p>\n<p><a title=\"Surety One\" href=\"https:\/\/suretyone.com\/\" target=\"_blank\">Surety One, Inc.<\/a>, <strong>New Mexico surety leader<\/strong>\u00a0is a premier resource for any operation requiring reclamation bonding. We\u00a0offer\u00a0<strong><a title=\"Reclamationbonds.com app page\" href=\"http:\/\/reclamationbonds.com\/applications\" target=\"_blank\">reclamation bond<\/a><\/strong>\u00a0capacity for oil, coal, uranium, metal mining, and hydraulic fracturing \u201cfracking\u201d. \u00a0We will write these for ALL state departments of environmental protection, Railroad Commission of Texas, and federal\u00a0<a title=\"Fed Gov office of land management\" href=\"http:\/\/www.osmre.gov\/topic\/bonds\/BondsOverview.shtm\" target=\"_blank\">Bureau of Land Management<\/a>.\u00a0Visit us at\u00a0<strong><a title=\"Reclamation Bonds.com\" href=\"http:\/\/www.reclamationbonds.com\/\" target=\"_blank\">www.ReclamationBonds.com<\/a><\/strong>, call\u00a0<span style=\"color: #ff0000;\">(787) 333-0222<\/span>\u00a0or\u00a0<span style=\"color: #ff0000;\">(800) 373-2804<\/span>, or email\u00a0<span style=\"color: #ff0000;\">Underwriting@SuretyOne.com<\/span>\u00a0for a\u00a0<strong>New Mexico plugging bond<\/strong>\u00a0application or further information regarding your surety needs.<\/p>\n<p>#newmexico #oilwell #pluggingbond #surety #suretybond #suretybonds #SuretyOne<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A New Mexico blanket plugging bond is required from each person, firm, corporation or association [who]\u00a0that\u00a0operates any oil, gas or service well within the state New Mexico as a condition precedent to drilling or producing the well. \u00a0The New Mexico&#8230; <a class=\"more-link\" href=\"https:\/\/suretyone.com\/blog\/new-mexico-plugging-bond-oil-gas-operations\/\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":2306,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[8],"tags":[1115,1114,1116,1117],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Mexico Plugging Bond<\/title>\n<meta name=\"description\" content=\"A blanket plugging surety bond is require from all oil, gas, and other extraction enterprises operating in new Mexico.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/new-mexico-plugging-bond-oil-gas-operations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Mexico Plugging Bond\" \/>\n<meta property=\"og:description\" content=\"A blanket plugging surety bond is require from all oil, gas, and other extraction enterprises operating in new Mexico.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/suretyone.com\/blog\/new-mexico-plugging-bond-oil-gas-operations\/\" \/>\n<meta property=\"og:site_name\" content=\"Surety One, Inc.\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Surety1\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/Surety1\" \/>\n<meta property=\"article:published_time\" content=\"2013-04-21T02:52:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-03-01T19:30:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/suretyone.com\/blog\/wp-content\/uploads\/Plugging_Bond_Surety_Bond.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:site\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"C. 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