If a lease will expire, by its own terms, and the lessee desires to maintain the lease in effect by the payment of bonus, rather than commencing operations, and the terms of the original lease continue to be acceptable to the lessor, the parties may elect to amend the existing lease to extend the primary term, rather than entering into a new lease. This form addresses that situation.
Bexar Texas Amendment to Oil and Gas Lease to Extend Primary Term is a legal document that allows parties involved in an oil and gas lease to extend the primary term of the lease agreement. This extension can be granted to provide additional time for exploration, development, and production activities on the leased property. The purpose of this amendment is to ensure the efficient and effective utilization of oil and gas resources. Keyword: Bexar Texas, Amendment, Oil and Gas Lease, Extend, Primary Term. There are several types of Bexar Texas Amendment to Oil and Gas Lease to Extend Primary Term: 1. Fixed-Term Extension Amendment: This amendment specifies a set period for the extension of the primary term, usually agreed upon by both the lessor (property owner) and the lessee (oil and gas company). It outlines the new end date for the primary term and any additional terms and conditions that apply during the extended period. 2. Rolling Extension Amendment: In some cases, parties may agree to a rolling or continuous extension of the primary term. This means that the lease remains in effect until certain conditions are met, such as the continuous production of oil and gas in paying quantities. Such amendments may also include provisions for periodic rentals or royalty adjustments during the extended period. 3. Conditional Extension Amendment: This type of amendment is granted based on specific conditions specified in the lease agreement. For example, the lessor may require the lessee to drill a specified number of wells or reach a certain level of production within a specific timeframe to qualify for the extension. 4. Optional Extension Amendment: This amendment grants the lessee the option to extend the primary term at their discretion, without any specific conditions. This type of amendment provides flexibility to the lessee to assess the profitability and viability of further exploration and production activities before committing to an extension. It is crucial to consult legal professionals experienced in oil and gas leasing and Texas state laws to ensure the Bexar Texas Amendment to Oil and Gas Lease to Extend Primary Term meets all legal requirements and protects the interests of both parties involved.Bexar Texas Amendment to Oil and Gas Lease to Extend Primary Term is a legal document that allows parties involved in an oil and gas lease to extend the primary term of the lease agreement. This extension can be granted to provide additional time for exploration, development, and production activities on the leased property. The purpose of this amendment is to ensure the efficient and effective utilization of oil and gas resources. Keyword: Bexar Texas, Amendment, Oil and Gas Lease, Extend, Primary Term. There are several types of Bexar Texas Amendment to Oil and Gas Lease to Extend Primary Term: 1. Fixed-Term Extension Amendment: This amendment specifies a set period for the extension of the primary term, usually agreed upon by both the lessor (property owner) and the lessee (oil and gas company). It outlines the new end date for the primary term and any additional terms and conditions that apply during the extended period. 2. Rolling Extension Amendment: In some cases, parties may agree to a rolling or continuous extension of the primary term. This means that the lease remains in effect until certain conditions are met, such as the continuous production of oil and gas in paying quantities. Such amendments may also include provisions for periodic rentals or royalty adjustments during the extended period. 3. Conditional Extension Amendment: This type of amendment is granted based on specific conditions specified in the lease agreement. For example, the lessor may require the lessee to drill a specified number of wells or reach a certain level of production within a specific timeframe to qualify for the extension. 4. Optional Extension Amendment: This amendment grants the lessee the option to extend the primary term at their discretion, without any specific conditions. This type of amendment provides flexibility to the lessee to assess the profitability and viability of further exploration and production activities before committing to an extension. It is crucial to consult legal professionals experienced in oil and gas leasing and Texas state laws to ensure the Bexar Texas Amendment to Oil and Gas Lease to Extend Primary Term meets all legal requirements and protects the interests of both parties involved.
