Arkansas Exhibit Schedule of Oil and Gas Leases Form 2

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-525
• Format: Word; Rich Text

Description

This Exhibit provides a schedule of oil and gas leases subject to the Operating Agreement. Arkansas Exhibit Schedule of Oil and Gas Leases Form 2 is a legal document used in the state of Arkansas to list and detail various leases pertaining to oil and gas activities. It is an essential part of the regulatory process in the state's energy sector. The Arkansas Oil and Gas Commission (AGC) requires companies and individuals engaged in exploration and production of oil and gas resources to submit Form 2 to disclose their leasehold interests accurately. This comprehensive form helps the AGC maintain an organized record of active oil and gas leases within the state. The content of the Arkansas Exhibit Schedule of Oil and Gas Leases Form 2 covers numerous vital details related to each lease agreement. These details generally include: 1. Lease Identifier: Each lease is assigned a unique identifier for tracking purposes. 2. Lease Operator: This section specifies the name and contact information of the company or individual responsible for operating the lease. 3. Lease Effective Date: The date on which the lease comes into effect, allowing the lessee to conduct oil and gas activities on the designated land. 4. Lease Term: Specifies the duration for which the lease is granted, including start and end dates. 5. Description of Leased Premises: Provides a comprehensive legal description of the land covered by the lease, including sections, townships, and ranges, according to the Public Land Survey System (PASS). 6. Acreage: Specifies the total acreage covered by the lease, indicating the amount of land to be used for exploration and production activities. 7. Type of Lease: Different types of leases may exist, such as primary, secondary, or tertiary, and this section details the specific type of lease agreement in place. 8. Royalty Interest: States the percentage or fraction of the production value the lessor is entitled to receive as compensation for allowing the lessee to extract oil and gas from the leased premises. 9. Working Interest: Describes the percentage or fraction of ownership the lessee holds in the lease, representing the cost-bearing and decision-making rights associated with the operations. 10. Related Agreements: Lists any related contracts or agreements associated with the lease, such as joint operating agreements or farm out agreements. 11. Additional Provisions: This section allows for the inclusion of any additional clauses, terms, or conditions deemed necessary for the effective execution and enforcement of the lease. It is important to note that while there is no differentiation in the Arkansas Exhibit Schedule of Oil and Gas Leases Form 2 based on lease types, additional forms and documentation may be required depending on specific circumstances, such as non-operating interests, overriding royalties, or assignments. Submitting an accurate and complete Form 2 is crucial for regulatory compliance and transparency in the Arkansas oil and gas industry. It enables the state authorities to monitor and manage the exploration and production activities efficiently, ensuring compliance with relevant laws and regulations while safeguarding the interests of lessors and lessees involved in oil and gas leasing transactions.

Arkansas Exhibit Schedule of Oil and Gas Leases Form 2 is a legal document used in the state of Arkansas to list and detail various leases pertaining to oil and gas activities. It is an essential part of the regulatory process in the state's energy sector. The Arkansas Oil and Gas Commission (AGC) requires companies and individuals engaged in exploration and production of oil and gas resources to submit Form 2 to disclose their leasehold interests accurately. This comprehensive form helps the AGC maintain an organized record of active oil and gas leases within the state. The content of the Arkansas Exhibit Schedule of Oil and Gas Leases Form 2 covers numerous vital details related to each lease agreement. These details generally include: 1. Lease Identifier: Each lease is assigned a unique identifier for tracking purposes. 2. Lease Operator: This section specifies the name and contact information of the company or individual responsible for operating the lease. 3. Lease Effective Date: The date on which the lease comes into effect, allowing the lessee to conduct oil and gas activities on the designated land. 4. Lease Term: Specifies the duration for which the lease is granted, including start and end dates. 5. Description of Leased Premises: Provides a comprehensive legal description of the land covered by the lease, including sections, townships, and ranges, according to the Public Land Survey System (PASS). 6. Acreage: Specifies the total acreage covered by the lease, indicating the amount of land to be used for exploration and production activities. 7. Type of Lease: Different types of leases may exist, such as primary, secondary, or tertiary, and this section details the specific type of lease agreement in place. 8. Royalty Interest: States the percentage or fraction of the production value the lessor is entitled to receive as compensation for allowing the lessee to extract oil and gas from the leased premises. 9. Working Interest: Describes the percentage or fraction of ownership the lessee holds in the lease, representing the cost-bearing and decision-making rights associated with the operations. 10. Related Agreements: Lists any related contracts or agreements associated with the lease, such as joint operating agreements or farm out agreements. 11. Additional Provisions: This section allows for the inclusion of any additional clauses, terms, or conditions deemed necessary for the effective execution and enforcement of the lease. It is important to note that while there is no differentiation in the Arkansas Exhibit Schedule of Oil and Gas Leases Form 2 based on lease types, additional forms and documentation may be required depending on specific circumstances, such as non-operating interests, overriding royalties, or assignments. Submitting an accurate and complete Form 2 is crucial for regulatory compliance and transparency in the Arkansas oil and gas industry. It enables the state authorities to monitor and manage the exploration and production activities efficiently, ensuring compliance with relevant laws and regulations while safeguarding the interests of lessors and lessees involved in oil and gas leasing transactions.