The Alaska Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term is a legal document used in the state of Alaska to request an extension on an oil and gas lease beyond its primary term. This document verifies that the leased property is actively producing oil or gas and is thus eligible for an extension. The Alaska Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term is crucial for leaseholders who wish to continue their operations on the leased property. By submitting this affidavit, leaseholders can provide evidence of ongoing production, which is necessary to qualify for an extension. Keywords: Alaska, Affidavit of Production, Extend, Oil and Gas Lease, Primary Term, Property, Producing, Verification, Extension Request. In Alaska, there are a few different types of Affidavits of Production to Extend Oil and Gas Lease Beyond Primary Term, depending on the specific circumstances: 1. Standard Affidavit of Production: This is the most common type of affidavit used when the leaseholder can demonstrate a consistent level of oil or gas production throughout the primary term of the lease. It reaffirms that the property is economically viable and justifies the need for an extension. 2. Conditional Affidavit of Production: This affidavit is filed when there have been periods of low or intermittent production during the primary term. The leaseholder must provide additional documentation demonstrating that the property still holds potential for increased productivity and further development. 3. Offshore Affidavit of Production: This particular affidavit is used specifically for oil and gas leases located in offshore areas. It may have additional requirements due to the unique challenges and regulations associated with offshore drilling activities. 4. Participating Area Affidavit of Production: When multiple leaseholders are involved in a specific area or unit, this affidavit is used to demonstrate the overall production levels of the entire participating area. It provides a collective view of the production data from all the leaseholds involved, rather than individual reports. It is important to ensure the accuracy and completeness of the Alaska Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term, as any false or misleading information can have legal consequences and may result in the rejection of the extension request. Leaseholders should consult with legal professionals or qualified experts to navigate the complexity and nuances associated with filling out this document correctly.
Alaska Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term
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How to fill out Alaska Affidavit Of Production To Extend Oil And Gas Lease Beyond Primary Term?
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The primary term is the initial period during which a well may be drilled. If a successful well is drilled within the primary term, the lease will extend for as long as the well remains productive. If a well is not drilled within the primary term, the lease will usually expire.
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
Once granted, an oil and gas lease gives the lessee a primary term ranging from 5 to 10 years, depending on water depth, to explore and develop the lease. A lessee must relinquish the lease if no activity has occurred within that specified amount of time.
The period of time in the life of an oil & gas lease that begins after the expiration of the primary term. Production, operations, continuous drilling, or shut-in royalty payments are most often used to extend an oil & gas lease into its secondary term.
RELEASE: releases of property rights and/or other legal rights that the owner would otherwise be entitled to under law. RELEASE LEASE: releases of oil & gas lease rights that a person would otherwise be entitled to under law.
The primary term is the initial period during which a well may be drilled. If a successful well is drilled within the primary term, the lease will extend for as long as the well remains productive. If a well is not drilled within the primary term, the lease will usually expire.
1. A provision in an habendum clause of an oil and gas lease requiring production means production in paying quantities. 2. Generally, production in paying quantities means production which is profitable to the Lessee.
The primary term on average is 3 years. Companies can add a 2-year extension if they wish. The company that executed the lease uses this time period to achieve drilling the well. Once that is completed, the secondary term begins and lasts for as long as the well is producing.
