Kentucky Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term

• Category: Oil Gas and Minerals - Affidavits
• State: Multi-State
• Control #: US-OG-187
• Format: Word; Rich Text

Description

An affidavit is statement of facts which is sworn to (or affirmed) before an officer who has authority to administer an oath (e.g. a notary public). This Affidavit is made for the purpose of giving notice that the Lease has been extended beyond its stated primary term in accordance with the terms of the Lease. The Kentucky Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term is a legal document used in the state of Kentucky to request an extension of an oil and gas lease beyond its primary term based on the production of oil and gas from the leased property. This affidavit is crucial in securing continued rights to explore and extract resources beyond the initial lease period. In Kentucky, there are two primary types of Affidavits of Production to Extend Oil and Gas Lease Beyond Primary Term: 1. Kentucky Affidavit of Production: This type of affidavit is used when there has been continuous and consistent production of oil and gas from the leased property during the primary term of the lease. The affidavit provides detailed information on the duration of production, the quantity of resources extracted, and any relevant geological data to support the request for an extension. 2. Kentucky Affidavit of Shut-In Production: This type of affidavit is employed when the leased property hasn't experienced continuous production during the primary term. Instead, it involves a situation where production has been temporarily halted due to unfavorable market conditions or other factors. The affidavit must demonstrate that the leased property has the potential to produce oil and gas in commercial quantities, even though it is currently shut-in. In both types, the Kentucky Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term serves as an official declaration by the leaseholder acknowledging the production and asking for an extension. It is important to note that the affidavit must adhere to the guidelines and regulations set by the Kentucky state government and the specific terms outlined in the original lease agreement. To ensure the validity and acceptance of the affidavit, it is recommended to consult with an experienced oil and gas attorney who is familiar with Kentucky state laws and regulations. They can assist in drafting an accurate and comprehensive affidavit that satisfies all legal requirements and maximizes the chances of obtaining an extension for the oil and gas lease beyond its primary term.

The Kentucky Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term is a legal document used in the state of Kentucky to request an extension of an oil and gas lease beyond its primary term based on the production of oil and gas from the leased property. This affidavit is crucial in securing continued rights to explore and extract resources beyond the initial lease period. In Kentucky, there are two primary types of Affidavits of Production to Extend Oil and Gas Lease Beyond Primary Term: 1. Kentucky Affidavit of Production: This type of affidavit is used when there has been continuous and consistent production of oil and gas from the leased property during the primary term of the lease. The affidavit provides detailed information on the duration of production, the quantity of resources extracted, and any relevant geological data to support the request for an extension. 2. Kentucky Affidavit of Shut-In Production: This type of affidavit is employed when the leased property hasn't experienced continuous production during the primary term. Instead, it involves a situation where production has been temporarily halted due to unfavorable market conditions or other factors. The affidavit must demonstrate that the leased property has the potential to produce oil and gas in commercial quantities, even though it is currently shut-in. In both types, the Kentucky Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term serves as an official declaration by the leaseholder acknowledging the production and asking for an extension. It is important to note that the affidavit must adhere to the guidelines and regulations set by the Kentucky state government and the specific terms outlined in the original lease agreement. To ensure the validity and acceptance of the affidavit, it is recommended to consult with an experienced oil and gas attorney who is familiar with Kentucky state laws and regulations. They can assist in drafting an accurate and comprehensive affidavit that satisfies all legal requirements and maximizes the chances of obtaining an extension for the oil and gas lease beyond its primary term.