Arizona Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease is a legal document that outlines the terms and conditions allowing for the extension of the primary term of an oil and gas lease in the state of Arizona. This amendment is a crucial instrument for lessees and lessors to extend the lease term without undergoing the complexities of renegotiating an entirely new lease agreement. Key terms related to the Arizona Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease include: 1. Arizona: Referring to the state in the southwestern region of the United States where the oil and gas lease is located. 2. Amendment: The action of making changes, modifications, or additions to an existing lease agreement. 3. Oil and Gas Lease: A legally binding contract between a lessor (landowner) and lessee (oil and gas company) that grants the lessee the right to explore and extract oil and gas resources from a specific piece of land. 4. Primary Term: The initial or original term specified in the oil and gas lease agreement during which the lessee has the right to explore and develop the leased property. 5. Paid-Up Extension: Provision provided in the amendment that allows the lessee to extend the primary term by paying a predetermined fee or bonus to the lessor. 6. Lease Extension: The process of prolonging the duration of an existing oil and gas lease, usually in exchange for certain considerations such as financial compensation to the lessor. 7. Extension of Primary Term: The specific element within the amendment that focuses on prolonging the primary term of the lease agreement. 8. Lease Termination: The act of concluding the oil and gas lease agreement before its original term expires, either by mutual agreement or due to a violation of lease terms by either party. Different types of Arizona Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease may include variations based on the duration of the extension, the amount of payment required for extension, the conditions for termination, or any additional clauses mutually agreed upon by the parties involved. It is essential for both lessors and lessees to consult with legal professionals experienced in oil and gas lease agreements to ensure that they understand the implications of the amendment and its potential impact on their rights and obligations.
Arizona Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease
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Granting Clause: The clause in the deed that lists the grantor and the grantee and states that the property is being transferred between the parties.
An oil & gas lease where all payments to keep the lease in effect during the primary term, typically a cash bonus, are paid up front when the lease is acquired. This type of lease generally does not contain a delay rental clause.
What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.
in clause (or shutin royalty clause) traditionally allows the lessee to maintain the lease by making shutin payments on a well capable of producing oil or gas in paying quantities where the oil or gas cannot be marketed, whether due to a lack of pipeline connection or otherwise.
A Pugh Clause is enforced to ensure that a lessee can be prevented from declaring all lands under an oil and gas lease as being held by production. This remains true even when production only takes place on a fraction of the property.
A clause in an oil & gas lease that provides that if the leased land is later owned by separate parties, such as in a sale of part of the property, the lessee can continue to operate, develop, and treat the lease as a whole and pay royalties to each owner based on its percentage of ownership of the entire area.
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.
