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  • Declaration That Oil and Gas Lease Was Acquired by Agent For...

Nebraska Declaration That Oil and Gas Lease Was Acquired by Agent For Principal

Category:
Oil Gas and Minerals - Declarations
State:
Multi-State
Control #:
US-OG-313
Format:
Word; 
Rich Text
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Description

This form is used when an Agent declares and acknowledges that the consideration for an Assignment should accrue to the benefit of Principal, and that Principal is the owner of the reserved interest in the Assignment. To give effect to declaration, Agent, as Assignor, grants, sells, and assigns to Principal, as Assignee, all of Agent's interest in the Lease and the interest reserved by Agent in the Assignment.


Nebraska Declaration That Oil and Gas Lease Was Acquired by Agent For Principal In the state of Nebraska, the Declaration That Oil and Gas Lease Was Acquired by Agent For Principal is a legal document used to establish the acquisition of an oil and gas lease by an agent on behalf of a principal. This declaration acts as proof that an agent, acting within their authority, has successfully obtained an oil and gas lease on behalf of their principal. It is an essential tool in clarifying the legal relationship between the agent, principal, and the leased property. Keywords: Nebraska, declaration, oil and gas lease, agent, principal, acquisition, legal document, proof, authority, relationship, leased property. Different Types of Nebraska Declaration That Oil and Gas Lease Was Acquired by Agent For Principal: 1. Individual Principal: This type of declaration is used when an individual grants power of attorney to an agent to acquire an oil and gas lease on their behalf. The document outlines the specific property details, the agent's authority, and the obligations of both parties. 2. Corporate Principal: In cases where a corporation is the principal, this declaration differs slightly, as it includes the necessary corporate information, such as the company name, registered address, and authorized representative. This type of declaration ensures that all legal requirements are met when a corporate entity acquires an oil and gas lease. 3. Partnership or Joint Venture Principal: When multiple partners or entities form a partnership or joint venture to acquire an oil and gas lease, a declaration tailored to this specific situation is required. This type of declaration contains the names and roles of all involved parties and explicitly states the obligations and benefits of each partner or entity. 4. Limited Liability Company (LLC) Principal: If the principal is an LLC, the declaration focuses on the unique provisions and conditions defined by the LLC's operating agreement. It outlines the rights and responsibilities of the members involved in the acquisition of an oil and gas lease. Regardless of the type of Nebraska Declaration That Oil and Gas Lease Was Acquired by Agent For Principal, the document serves as crucial evidence that an agent acted within their authority and successfully obtained an oil and gas lease on behalf of a principal. It ensures transparency, clarity, and legal compliance in all transactions related to oil and gas leases in Nebraska.

Nebraska Declaration That Oil and Gas Lease Was Acquired by Agent For Principal In the state of Nebraska, the Declaration That Oil and Gas Lease Was Acquired by Agent For Principal is a legal document used to establish the acquisition of an oil and gas lease by an agent on behalf of a principal. This declaration acts as proof that an agent, acting within their authority, has successfully obtained an oil and gas lease on behalf of their principal. It is an essential tool in clarifying the legal relationship between the agent, principal, and the leased property. Keywords: Nebraska, declaration, oil and gas lease, agent, principal, acquisition, legal document, proof, authority, relationship, leased property. Different Types of Nebraska Declaration That Oil and Gas Lease Was Acquired by Agent For Principal: 1. Individual Principal: This type of declaration is used when an individual grants power of attorney to an agent to acquire an oil and gas lease on their behalf. The document outlines the specific property details, the agent's authority, and the obligations of both parties. 2. Corporate Principal: In cases where a corporation is the principal, this declaration differs slightly, as it includes the necessary corporate information, such as the company name, registered address, and authorized representative. This type of declaration ensures that all legal requirements are met when a corporate entity acquires an oil and gas lease. 3. Partnership or Joint Venture Principal: When multiple partners or entities form a partnership or joint venture to acquire an oil and gas lease, a declaration tailored to this specific situation is required. This type of declaration contains the names and roles of all involved parties and explicitly states the obligations and benefits of each partner or entity. 4. Limited Liability Company (LLC) Principal: If the principal is an LLC, the declaration focuses on the unique provisions and conditions defined by the LLC's operating agreement. It outlines the rights and responsibilities of the members involved in the acquisition of an oil and gas lease. Regardless of the type of Nebraska Declaration That Oil and Gas Lease Was Acquired by Agent For Principal, the document serves as crucial evidence that an agent acted within their authority and successfully obtained an oil and gas lease on behalf of a principal. It ensures transparency, clarity, and legal compliance in all transactions related to oil and gas leases in Nebraska.

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How to fill out Nebraska Declaration That Oil And Gas Lease Was Acquired By Agent For Principal?

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FAQ

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.

Granting Clause: The clause in the deed that lists the grantor and the grantee and states that the property is being transferred between the parties.

With a Pugh Clause, if they don't have that other 50 acres pooled into a unit within that five-year term, then they have to pay you to extend the undeveloped 50 acres for five more years. Without a Pugh Clause, they could say those 50 acres are HBP and they wouldn't have to pay you.

What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.

The entire contract clause, also known as an "entire agreement clause," is a type of clause found in many contracts and legal documents. It is a provision that states that the parties have included all of the terms of their agreement within the contract, and nothing else is applicable.

A clause in an oil & gas lease that provides that if the leased land is later owned by separate parties, such as in a sale of part of the property, the lessee can continue to operate, develop, and treat the lease as a whole and pay royalties to each owner based on its percentage of ownership of the entire area.

A Pugh Clause is enforced to ensure that a lessee can be prevented from declaring all lands under an oil and gas lease as being held by production. This remains true even when production only takes place on a fraction of the property.

A clause in an oil & gas lease that provides that if the leased land is later owned by separate parties, such as in a sale of part of the property, the lessee can continue to operate, develop, and treat the lease as a whole and pay royalties to each owner based on its percentage of ownership of the entire area.

in clause (or shutin royalty clause) traditionally allows the lessee to maintain the lease by making shutin payments on a well capable of producing oil or gas in paying quantities where the oil or gas cannot be marketed, whether due to a lack of pipeline connection or otherwise.

The point of a retained-acreage provision is to be able to seek a new opportunity to lease unworked land to a different lessee, one who might do something productive with it. A Pugh clause is a negotiated provision in favor of the lessor. Pugh clauses modify pooling/unitization rights.

More info

Whenever a person has been designated as an operator by an owner or owners of a lease or well, such an operator may submit the reports as herein required by the ... Declaration that Oil and Gas Lease was Acquired by Agent for Principal. Deeds ... Notice and Declaration of Gas Storage (Provided for in Oil and Gas Lease) ...INSTRUCTIONS: Submit the original of this form. One approved copy will be returned to the operator and one copy furnished to the purchaser. When an oil, gas or mineral lease is given on land situated within the State of ... The Attorney General shall be the attorney for the Nebraska Oil and Gas ... Follow the instructions below to complete Declaration That Oil and Gas Lease Was Acquired by Agent For Principal online quickly and easily: Sign in to your ... Record Title: Primary ownership of an interest in an oil and gas lease including the obligation to pay rent, and the right to transfer and relinquish the lease. Application for the issuance of an oil and gas lease must be executed under oath by applicant or his agent or attorney, or an officer or agent of a corporation, ... ... oil and gas leases covering land in Grant County, Nebraska. The trial court dismissed the action. Plaintiff's motion for a new trial being overruled, he has ... 76-404 - Oil and gas leases permitted. 76-405 - Land acquired by devise or descent; sale within five years required. 76-406 - Corporations; board of ... Entirety Clause: a clause in an Oil and Gas Lease providing that, in the event the Mineral Interest covered by the Lease is subsequently divided among ...

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