Montana Option Agreement to Purchase Producing Oil and Gas Properties
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How to fill out Option Agreement To Purchase Producing Oil And Gas Properties?
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FAQ
Noun. : a deed by which a landowner authorizes exploration for and production of oil and gas on his land usually in consideration of a royalty.
Is there more than one type of oil and gas lease? Yes, there are three types: a surface use lease, a non-surface use lease, and a dual purpose lease.
A top lease is an oil and gas lease covering a mineral estate that is cur- rently under a valid, existing oil and gas lease.
Types of Leases Single-Net Leases: In this kind of lease, the tenant is responsible for paying property taxes. Double-Net Leases: These leases make a tenant responsible for property taxes and insurance. Triple-Net Leases: Tenants who sign these leases pay property taxes, insurance, and maintenance costs.
Top leasing is the practice of leasing your mineral rights even when there is an existing valid lease in place. We refer to this existing lease as the ?bottom lease.? The top lease acts as a present grant of a future interest in oil and gas, and it can come into effect once the bottom lease expires.
If a lease is a "paid-up" lease, then the lease will remain in effect during the entire primary term with no further payments to the Lessor unless and until actual production of oil or gas is established.