The District of Columbia Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease is a legal instrument that grants the lessee an opportunity to extend the primary term of their oil and gas lease. This amendment provides an option for lessees to pay an upfront sum to extend the lease term, ensuring continued access and rights to extract oil and gas resources on the leased property. The District of Columbia Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease is specifically tailored to the region, ensuring compliance with local regulations and governing laws. By availing this amendment, lessees can secure their stake in the oil and gas industry within the District of Columbia, enabling them to plan and execute long-term extraction operations. This amendment offers lessees the flexibility to select the desired extension period and the corresponding lump sum payment required for the extension. It acts as a testament to the lessee's commitment towards developing and maximizing the resources in a responsible and sustainable manner. Different variations of the District of Columbia Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease may include: 1. Short-Term Extension: This variation grants a relatively smaller extension period for lessees who require limited additional time to explore and extract oil and gas resources. 2. Mid-Term Extension: This type of amendment allows lessees to extend the lease for a moderate period, providing ample time for comprehensive exploration and development of resources. 3. Long-Term Extension: Designed for lessees who seek an extended lease term, this variation offers a substantial extension period that facilitates long-term planning, investment, and extraction activities. By using the District of Columbia Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease, lessees can protect their interests, secure their access to vital resources, and continue contributing to the energy sector's growth and development within the region.
District of Columbia Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease
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FAQ
There are two terms in a gas and oil lease: known as the primary term and the secondary term. Normally, the primary term is for a specific amount of time which lasts between the period of 1, 3, 5, 7 or 10 years.
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.
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.
Habendum Clause: Once the Primary Term expires, the habendum clause controls when the lease expires or how long it remains in effect (this lease term after the Primary Term is called the ?secondary term?).
If a lease is a "paid-up" lease, then the lease will remain in effect during the entire primary term with no further payments to the Lessor unless and until actual production of oil or gas is established.
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.
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.
