This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the standard lease form.
Illinois Shut-In Oil Royalty is a type of oil royalty arrangement that specifically applies to wells or oil production sites that have been temporarily closed or shut down. This often occurs due to economic factors such as low oil prices, lack of demand, technical issues, or necessary maintenance activities. In this type of arrangement, the owner of the mineral rights or the lessor retains the right to receive royalty payments despite the shut-in status of the well. The royalty is calculated based on a percentage of the oil production or sales value, depending on the terms specified in the lease or agreement. It is important to note that there are no specific multiple types of Illinois Shut-In Oil Royalty arrangements. However, variations may exist in terms of royalty rates, compensation periods, and specific contractual clauses, depending on the negotiations between the lessor and the lessee. Keywords: Illinois Shut-In Oil Royalty, oil production, shut down, temporary closure, economic factors, low oil prices, lack of demand, technical issues, necessary maintenance, mineral rights, royalty payments, production value, lease agreement, compensation periods, contractual clauses.Illinois Shut-In Oil Royalty is a type of oil royalty arrangement that specifically applies to wells or oil production sites that have been temporarily closed or shut down. This often occurs due to economic factors such as low oil prices, lack of demand, technical issues, or necessary maintenance activities. In this type of arrangement, the owner of the mineral rights or the lessor retains the right to receive royalty payments despite the shut-in status of the well. The royalty is calculated based on a percentage of the oil production or sales value, depending on the terms specified in the lease or agreement. It is important to note that there are no specific multiple types of Illinois Shut-In Oil Royalty arrangements. However, variations may exist in terms of royalty rates, compensation periods, and specific contractual clauses, depending on the negotiations between the lessor and the lessee. Keywords: Illinois Shut-In Oil Royalty, oil production, shut down, temporary closure, economic factors, low oil prices, lack of demand, technical issues, necessary maintenance, mineral rights, royalty payments, production value, lease agreement, compensation periods, contractual clauses.
