The Florida Exhibit Schedule of Oil and Gas Leases Form 3 is a document used in the state of Florida to provide a detailed overview of the leases associated with oil and gas exploration and production. This form is an essential tool for both the oil and gas companies and the regulatory authorities to keep track of the leasing activities within the state. Here is a comprehensive description of the Florida Exhibit Schedule of Oil and Gas Leases Form 3. The form is typically divided into different sections, providing relevant information about the lease, property, lessee, lessor, and regulatory details. There are a few types of Florida Exhibit Schedule of Oil and Gas Leases Form 3, each serving a specific purpose related to the leasing process and regulatory compliance. Some main types include: 1. Initial Lease Submission Form: This type of form captures all the necessary details regarding the initial lease agreement, including the lease start date, term, and expiration date. It also outlines the specific leased property's legal description, including the identification of sections, townships, and ranges. 2. Lease Assignment Form: This form is used when a lease or a portion of it is transferred or assigned from one party to another. It provides details about the new lessee, the effective date of the assignment, and any conditions or restrictions associated with the transfer. 3. Lease Extension Form: In cases where the original lease term needs to be extended, this form allows the lessee to request an extension. The form captures the reason for the extension, the desired new lease term, and any supporting documentation to justify the need for the extension. 4. Lease Surrender Form: This form is used when a lessee wishes to terminate or surrender their lease before the expiration date. It requires the lessee to provide a written explanation for surrendering the lease and any additional necessary details for regulatory purposes. 5. Lease Amendment Form: This type of form is used to modify specific terms or provisions of an existing lease agreement. It captures the details of the amendment, including the rationale behind it and any supporting documentation needed. The content of the Florida Exhibit Schedule of Oil and Gas Leases Form 3 is vital for maintaining a comprehensive overview of the leasing activities in the state. It helps regulatory bodies ensure compliance with relevant laws and regulations while providing a transparent record of lease transactions. Proper completion of the form is crucial for both lessees and lessors to mitigate any potential legal disputes and ensure efficient management of oil and gas exploration and production activities in Florida.
Florida Exhibit Schedule of Oil and Gas Leases Form 3
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How to fill out Florida Exhibit Schedule Of Oil And Gas Leases Form 3?
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FAQ
If the lease does not contain a cessation of production clause, the lessee may nevertheless be protected by the common law ?temporary cessation of production? doctrine. This doctrine allows the lessee to avoid lease termination by establishing that the cessation of production is only temporary.
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.
Held by production is an oil & gas industry term indicating a property is under lease and that the lease is being perpetuated in the secondary term by the production of oil or gas in paying quantities. An oil & gas may be in HBP status for many years if the wells located on the leased land keep producing.
What is a Held-By-Production Clause? "Held by production" is a provision in an oil or natural gas property lease that allows the lessee, generally an energy company, to continue drilling activities on the property as long as it is economically producing a minimum amount of oil or gas.
