This form is used when the Lessor desires to sell, subdivide, or partition all or a part of the lands covered by the Lease (the Lands ), and has requested a partial waiver of surface use of certain portions of the Lands subject to the Lease, and a waiver is agreeable to Lessee. This Agreement relates solely to the surface use and does not in any other way affect or diminish the Lessee's rights, interests and estate under the Lease.
Missouri Agreement Waiving Surface Use by Oil and Gas Lessee
State:
Multi-State
Control #:
US-OG-655
Format:
Word;
Rich Text
Instant download
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How to fill out Agreement Waiving Surface Use By Oil And Gas Lessee?
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FAQ
In a few words, a pooling clause is written into a lease. This oil and gas clause allows the leased premises to be combined with other lands to form a single drilling unit. It's not uncommon for there to be a pool of oil or gas under numerous parcels of land.
Subsurface rights are rights to the earth below the land, and any substances found beneath the land's surface.
Subsurface means in a well, or below the surface of the ground. Seismic surveys are used to find subsurface rock structures that may contain hydrocarbons. Directional wells can be used to drill multiple wells from a common drilling pad or to reach a subsurface location beneath land where drilling cannot be done.
An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.
Yes, subsurface rights are considered real property. This includes the rights to any minerals, oil, gas, or other natural resources that may be located beneath the surface of the land. These rights can be bought, sold, leased, or inherited like any other real property.
A surface use agreement, which is also sometimes referred to as a land use agreement, is an agreement between the landowner and an oil and gas company or an operator for the use of the landowner's land in the development of the oil and gas.
Royalty Payment Clauses A royalty is agreed upon as a percentage of the lease, minus what was reasonably used in the lessee's production costs. This is stipulated in a Royalty Clause. The royalty is paid by the lessee to the owner of the mineral rights, the lessor in the lease.
Historically, mineral owners (?lessors?) and landmen/oil companies (?lessees?) spend most of their time focusing and negotiating the bonus payment, primary term and royalty provisions of an oil and gas lease. These provisions are important, but they represent only a small number of the important elements of the lease.