If a lease will expire, by its own terms, and the lessee desires to maintain the lease in effect by the payment of bonus, rather than commencing operations, and the terms of the original lease continue to be acceptable to the lessor, the parties may elect to amend the existing lease to extend the primary term, rather than entering into a new lease. This form addresses that situation.
The Delaware Amendment to Oil and Gas Lease to Extend Primary Term is a legal document that allows the extension of the primary term of an oil and gas lease in the state of Delaware. This amendment is typically used when the parties involved in the lease agreement wish to prolong the duration of the lease beyond its initial primary term. In Delaware, there are two main types of amendments used to extend the primary term of an oil and gas lease. These include: 1. Delaware Amendment to Oil and Gas Lease to Extend Primary Term — This type of amendment is employed when both the lessor (the landowner) and the lessee (the oil and gas company) mutually agree to extend the primary term of the lease agreement. It outlines the terms and conditions under which the lease will be extended, including any additional payments, rental rates, or changes in royalty obligations. 2. Delaware Amendment to Oil and Gas Lease to Extend Primary Term (Force Mature) — This amendment is utilized when unforeseen circumstances, such as natural disasters, accidents, or government actions, prevent the lessee from fully utilizing the leased land during the primary term. By filing a force majeure amendment, the lessee can request an extension of the primary term to compensate for the time lost due to these unavoidable events. Regardless of the type, the Delaware Amendment to Oil and Gas Lease to Extend Primary Term is a crucial legal instrument that ensures continuity in oil and gas exploration and production activities. It allows the lessee to continue utilizing the leased land beyond the initial primary term, providing opportunities for profitable operations and supporting the development of the state's oil and gas sector. Keywords: Delaware, amendment, oil and gas lease, extend, primary term, legal document, parties involved, lessor, lessee, landowner, oil and gas company, terms and conditions, additional payments, rental rates, royalty obligations, force majeure, unforeseen circumstances, natural disasters, accidents, government actions, continuity, exploration, production activities, profitable operations, oil and gas sector, Delaware Amendment to Oil and Gas Lease to Extend Primary Term (Force Mature).The Delaware Amendment to Oil and Gas Lease to Extend Primary Term is a legal document that allows the extension of the primary term of an oil and gas lease in the state of Delaware. This amendment is typically used when the parties involved in the lease agreement wish to prolong the duration of the lease beyond its initial primary term. In Delaware, there are two main types of amendments used to extend the primary term of an oil and gas lease. These include: 1. Delaware Amendment to Oil and Gas Lease to Extend Primary Term — This type of amendment is employed when both the lessor (the landowner) and the lessee (the oil and gas company) mutually agree to extend the primary term of the lease agreement. It outlines the terms and conditions under which the lease will be extended, including any additional payments, rental rates, or changes in royalty obligations. 2. Delaware Amendment to Oil and Gas Lease to Extend Primary Term (Force Mature) — This amendment is utilized when unforeseen circumstances, such as natural disasters, accidents, or government actions, prevent the lessee from fully utilizing the leased land during the primary term. By filing a force majeure amendment, the lessee can request an extension of the primary term to compensate for the time lost due to these unavoidable events. Regardless of the type, the Delaware Amendment to Oil and Gas Lease to Extend Primary Term is a crucial legal instrument that ensures continuity in oil and gas exploration and production activities. It allows the lessee to continue utilizing the leased land beyond the initial primary term, providing opportunities for profitable operations and supporting the development of the state's oil and gas sector. Keywords: Delaware, amendment, oil and gas lease, extend, primary term, legal document, parties involved, lessor, lessee, landowner, oil and gas company, terms and conditions, additional payments, rental rates, royalty obligations, force majeure, unforeseen circumstances, natural disasters, accidents, government actions, continuity, exploration, production activities, profitable operations, oil and gas sector, Delaware Amendment to Oil and Gas Lease to Extend Primary Term (Force Mature).
