The Arkansas Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term is a legal document used in the state of Arkansas to extend an oil and gas lease beyond its primary term, based on the production of the leased property. This affidavit serves as evidence that the leased area is actively producing oil and gas, which justifies the continuation of the lease beyond its original expiration date. The affidavit requires the leaseholder or operator to provide detailed information about the production of oil and gas from the leased property during the primary term. This information typically includes the total volume of oil and gas produced, the specific well(s) or unit(s) producing the resources, and the dates of production. The affidavit may also require additional details such as the location of the leases and the names of all parties involved in the lease agreement. By submitting the Arkansas Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term, the leaseholder seeks to demonstrate to the landowner and the relevant authorities that sufficient production is ongoing, warranting an extension of the lease agreement. This extension allows for the continued extraction and production of valuable oil and gas resources from the property, providing an economic benefit to both the leaseholder and the state. It's important to note that there may be different types or variations of the Arkansas Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term, depending on individual lease agreements and specific requirements set by the Arkansas Oil and Gas Commission. Additionally, the affidavit may sometimes be referred to as an "Affidavit to Extend Oil and Gas Lease" or a similar variation, but they generally serve the same purpose of extending the lease based on production.
Arkansas Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term
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How to fill out Affidavit Of Production To Extend Oil And Gas Lease Beyond Primary Term?
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A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
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.
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.
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.
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.
A top lease is an oil and gas lease covering a mineral estate that is cur- rently under a valid, existing oil and gas lease. The top lease has been de- scribed as a "partial alienation of a possibility of reverter"3 and as a "present. grant of a future interest."14 In oil and gas terms, the prior lease is frequently.
