What is the basic of oil and gas lease?

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.

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Agreement For Payment on Casinghead Gas Between Gas Purchaser and...

Mississippi Agreement For Payment on Casinghead Gas Between Gas Purchaser and Lease Operator

Name: Mississippi Agreement For Payment on Casinghead Gas Between Gas Purchaser and Lease Operator
Brand: US Legal Forms
Rating: 4.79 (483 reviews)

Category:

Oil Gas and Minerals - Agreements

State:

Multi-State

Control #:

US-OG-241

Format:

Instant download

Description

This form is a contract entered into by the Purchaser and Operator for the purchase and sale of casinghead gas produced from the lands and leases described in the contract.

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FAQ

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.

An ?unless? clause provides that the lease terminates unless the lessee has either made the required payments or commenced drilling operations. Lessees can therefore be terminated from the lease by failure to pay the proper amount, by the due date, in the proper form, to the proper party.

surface use lease allows the landowner to lease the oil and gas rights and obtain a bonus and royalty, while at the same time protecting the surface of the land.

These basic lease terms ? bonus, royalty, term, delay rental (if any) and shut-in royalty --are typically the "deal terms" negotiated between the Lessor and Lessee. The Lessor typically wants the highest bonus, delay rental and royalty fraction he can get, and the shortest primary term. The Lessee wants the opposite.

In such circumstances where a gas well has been completed but no market exists for the gas, the shut-in clause enables a lessee to keep the non-producing lease in force by the payment of the shut-in royalty.

No Surface Occupancy (NSO): A fluid minerals leasing constraint that prohibits occupancy or disturbance on all or part of the lease surface to protect special values or uses.

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.

The landowner may also be offered a non-surface use lease. Under this type of lease, the oil and gas company leases only the oil and gas rights, but does not obtain the right to use the land to develop the oil and gas.

Mississippi Agreement For Payment on Casinghead Gas Between Gas Purchaser and Lease Operator

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FAQ

What is a surface use agreement oil and gas?

What is the unless clause on an oil and gas lease?

What is a non surface lease?

What should I look for in an oil and gas lease?

What is the shut in clause for oil and gas?

What is no surface occupancy?

What is the basic of oil and gas lease?

What is a non surface oil and gas lease?

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