Irving Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provision

State:
Texas
City:
Irving
Control #:
TX-OG-002
Format:
Word; 
Rich Text
Instant download

Description

This form is a Texas Lease agreement wherein Lessor grants, leases, and lets exclusively to Lessee the lands described within for the purposes of conducting seismic and geophysical operations, exploring, drilling, mining, and operating for, producing and owning oil, gas, sulfur, and all other minerals whether or not similar to those mentioned (collectively the oil or gas), and the right to make surveys, lay pipelines, establish and utilize facilities for surface or subsurface disposal of salt water, construct roads and bridges, dig canals, build tanks, power stations, power lines, telephone lines, and other structures on the Lands, necessary or useful in Lessee's operations on the Lands or any other land adjacent to the Lands. This lease form also provides for pooling.

Irving Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provision is a clause in oil and gas leases that applies to the pooling and shut-in of wells by producers in Irving, Texas. It plays a crucial role in determining the royalties received by the lessors when certain conditions are met. The Rental Lease Pooling Shut-In Royalty Provision allows the pooling of leased properties or units to optimize production operations and maximize efficiency. This provision enables multiple well sites to be consolidated into a single unit, allowing producers to extract resources more effectively and reduce costs. When a well within a pooled unit is temporarily shut down or "shut-in" due to unforeseen circumstances such as low market prices, equipment failure, or adverse weather conditions, the shut-in royalty provision becomes applicable. It ensures that the lessors continue receiving a fair share of the royalty payments during the shut-in period, compensating them for the potential income loss caused by the temporary closure of the well. Irving Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provision closely adheres to the specific guidelines set forth by the Irving Texas Producers 88 (8/99) lease agreement. It ensures that both producers and lessors maintain a mutually beneficial relationship based on clear and agreed-upon terms. Although there may not be distinct types of this provision, the specific terms and conditions of the Irving Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provision may vary based on factors such as lease agreements, operators, and individual circumstances. However, the core objective of this provision remains the same across leases — to provide a fair compensation mechanism for the lessors during periods of well shut-in. In summary, the Irving Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provision is a crucial component of oil and gas leases in Irving, Texas. It allows for efficient pooling of leased properties, optimizes production operations, and ensures that lessors receive appropriate royalties during well shut-in periods. By incorporating such provisions, these leases aim to foster a balanced and prosperous relationship between producers and lessors.

Irving Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provision is a clause in oil and gas leases that applies to the pooling and shut-in of wells by producers in Irving, Texas. It plays a crucial role in determining the royalties received by the lessors when certain conditions are met. The Rental Lease Pooling Shut-In Royalty Provision allows the pooling of leased properties or units to optimize production operations and maximize efficiency. This provision enables multiple well sites to be consolidated into a single unit, allowing producers to extract resources more effectively and reduce costs. When a well within a pooled unit is temporarily shut down or "shut-in" due to unforeseen circumstances such as low market prices, equipment failure, or adverse weather conditions, the shut-in royalty provision becomes applicable. It ensures that the lessors continue receiving a fair share of the royalty payments during the shut-in period, compensating them for the potential income loss caused by the temporary closure of the well. Irving Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provision closely adheres to the specific guidelines set forth by the Irving Texas Producers 88 (8/99) lease agreement. It ensures that both producers and lessors maintain a mutually beneficial relationship based on clear and agreed-upon terms. Although there may not be distinct types of this provision, the specific terms and conditions of the Irving Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provision may vary based on factors such as lease agreements, operators, and individual circumstances. However, the core objective of this provision remains the same across leases — to provide a fair compensation mechanism for the lessors during periods of well shut-in. In summary, the Irving Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provision is a crucial component of oil and gas leases in Irving, Texas. It allows for efficient pooling of leased properties, optimizes production operations, and ensures that lessors receive appropriate royalties during well shut-in periods. By incorporating such provisions, these leases aim to foster a balanced and prosperous relationship between producers and lessors.

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Irving Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provision