This provision provides that the assignee agrees to carry out all of the express and implied undertakings contained in the oil and gas leases and imposed on the original Lessees, and indemnify and hold Assignor harmless from and against Assignees failure to comply with the terms of the leases.
Guam Assumption of Lessee's Obligations Under Oil and Gas Leases
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A Standard Clause for oil and gas contracts that excuses the impacted party's performance for force majeure events specific to the oil and gas industry, such as the shut-in, blowout, or loss of control of a well, oil spills and hazardous releases, the freezing of wells or equipment, hydrate obstruction, pipeline ...
Because the Lessor of an oil and gas lease has no control over the Lessee's activities on the property and has no expertise in oil and gas operations, it makes sense that the Lessee should agree to indemnify the Lessor against claims of third parties arising out of activities of the Lessee on the property.
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 mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
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.
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.
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.
