Maryland Revivor of Oil and Gas Lease Where Oil and Gas Lease Has Terminated or Expired

State:
Multi-State
Control #:
US-OG-117
Format:
Word; 
Rich Text
Instant download

Description

This form addresses the situation where a lease has been deemed to have expired and the lessor and lessee desire the lessee to have the continuing rights provided for in the expired oil and gas lease.

How to fill out Revivor Of Oil And Gas Lease Where Oil And Gas Lease Has Terminated Or Expired?

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FAQ

At that point, your oil and gas lease is extended beyond the primary term into the secondary term and continues as long as the condition(s) for the existence of the secondary term occurs; e.g., ?and as much longer as oil and gas are produced,? meaning, in this example, that the secondary term will continue as long as ...

The primary term on average is 3 years. Companies can add a 2-year extension if they wish. The company that executed the lease uses this time period to achieve drilling the well. Once that is completed, the secondary term begins and lasts for as long as the well is producing.

U.S.C. § 188(d)-(e); 43 C.F.R. § 3108.2-3. BLM may reinstate an oil and gas lease when a lessee shows that the failure to pay timely ?was justified or not due to lack of reasonable diligence, or, no matter when the rental was paid, it is that such failure to timely pay was inadvertent.? 43 C.F.R.

The memorandum of lease is a short form version of the oil and gas lease. The memorandum of lease is recorded. The full lease will not be recorded. You may also receive an addendum.

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Maryland Revivor of Oil and Gas Lease Where Oil and Gas Lease Has Terminated or Expired