Illinois Geophysical Exploration Agreement Between Mineral Owner and Operator, with Option to Purchase Oil and Gas Lease

State:
Multi-State
Control #:
US-OG-076
Format:
Word; 
Rich Text
Instant download

Description

This is a short form of option agreement from a mineral owner that may own less than all the minerals in the lands covered by the agreement. A form of oil and gas lease will need to be attached as an exhibit to this agreement.
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  • Preview Geophysical Exploration Agreement Between Mineral Owner and Operator, with Option to Purchase Oil and Gas Lease

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FAQ

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.

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.

Granting Clause: This clause specifies: (a) the land that is being leased; (b) which minerals are being leased (oil, gas, uranium, etc.); and (c) and what rights the production company has to use the surface land in an effort to produce the leased minerals.

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.

Noun. : a deed by which a landowner authorizes exploration for and production of oil and gas on his land usually in consideration of a royalty.

A ?special warranty? is a covenant made by the lessor to defend the lessee against encumbrances or clouds on the oil and gas title created by the lessor during his ownership of the estate. The protection offered by this warranty is therefore limited to those title defects caused or created by the lessor himself.

The definition of assignment in real estate is the sale, transfer, or conveyance of a whole property ownership/rights or part of it to another party. The term in the oil and gas industry is used for sale, transfer, or conveyance of working interest, lease, royalty, overriding royalty interest, or net profit interest.

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.

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.

Oil and gas interests are interests in real property and thereby have the same attributes as other real property such as a home or a ranch. Although the ownership of oil and gas interests can take many forms, courts commonly analogize the ownership of oil and gas interests to a bundle of sticks.

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Illinois Geophysical Exploration Agreement Between Mineral Owner and Operator, with Option to Purchase Oil and Gas Lease