The North Dakota Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term is a legal document used in North Dakota to extend the duration of an oil and gas lease beyond its initial term. This affidavit is necessary when a lessee wishes to continue drilling and extracting oil and gas from a leased property. The primary term of an oil and gas lease refers to the initial period during which the lessee has the exclusive right to explore, drill, and produce oil and gas on the leasehold. Once the primary term expires, the lessee typically needs to demonstrate that there is ongoing production on the property to extend the lease. To execute the North Dakota Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term, the lessee must provide specific information regarding the lease, including lease identification details, land description, and primary term expiration date. Additionally, the lessee is required to present evidence of continuous production or capability of production from at least one well on the leasehold. Different types or variations of the North Dakota Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term may not exist, as it is a standard form that needs to be completed according to state regulations. However, it is crucial to ensure that the affidavit is tailored to the specific lease and property details to remain legally valid. Keywords: North Dakota, affidavit of production, extend, oil and gas lease, primary term, drilling, extraction, leasehold, lease identification, land description, expiration date, continuous production, capability of production, lessee, legal document, state regulations.
North Dakota Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term
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How to fill out North Dakota Affidavit Of Production To Extend Oil And Gas Lease Beyond Primary Term?
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FAQ
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
The primary term is the initial period during which a well may be drilled. If a successful well is drilled within the primary term, the lease will extend for as long as the well remains productive. If a well is not drilled within the primary term, the lease will usually expire.
The primary term is the initial period during which a well may be drilled. If a successful well is drilled within the primary term, the lease will extend for as long as the well remains productive. If a well is not drilled within the primary term, the lease will usually expire.
The period of time in the life of an oil & gas lease that begins after the expiration of the primary term. Production, operations, continuous drilling, or shut-in royalty payments are most often used to extend an oil & gas lease into its secondary term.
In oil and gas leases, the habendum clause defines the primary term and secondary term of the lease, dictating how long the lease is in force. When used in the context of oil and gas leases, the focus of the habendum clause is on the "and so long thereafter" portion that extends the lease if conditions are met.
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.
"Held by production" is a provision in an oil or natural gas property lease that allows the lessee, generally an energy company, to continue drilling activities on the property as long as it is economically producing a minimum amount of oil or gas.
Once granted, an oil and gas lease gives the lessee a primary term ranging from 5 to 10 years, depending on water depth, to explore and develop the lease. A lessee must relinquish the lease if no activity has occurred within that specified amount of time.
