If a lease will expire, by its own terms, and the lessee desires to maintain the lease in effect by the payment of bonus, rather than commencing operations, and the terms of the original lease continue to be acceptable to the lessor, the parties may elect to amend the existing lease to extend the primary term, rather than entering into a new lease. This form addresses that situation.
New Hampshire Amendment to Oil and Gas Lease to Extend Primary Term
Category:
State:
Multi-State
Control #:
US-OG-084
Format:
Word;
Rich Text
Instant download
Description
How to fill out Amendment To Oil And Gas Lease To Extend Primary Term?
Choosing the best lawful record design can be quite a struggle. Needless to say, there are a lot of web templates available on the Internet, but how can you find the lawful kind you want? Make use of the US Legal Forms site. The assistance gives 1000s of web templates, for example the New Hampshire Amendment to Oil and Gas Lease to Extend Primary Term, which can be used for enterprise and personal requirements. All of the varieties are checked out by pros and satisfy state and federal needs.
If you are previously authorized, log in for your account and click on the Down load button to obtain the New Hampshire Amendment to Oil and Gas Lease to Extend Primary Term. Use your account to search with the lawful varieties you may have acquired earlier. Go to the My Forms tab of your own account and acquire yet another copy from the record you want.
If you are a brand new customer of US Legal Forms, allow me to share straightforward guidelines that you can comply with:
- Initial, be sure you have chosen the right kind to your town/area. You are able to look over the form using the Preview button and look at the form description to ensure it will be the best for you.
- If the kind does not satisfy your preferences, utilize the Seach field to discover the appropriate kind.
- Once you are positive that the form is suitable, select the Acquire now button to obtain the kind.
- Opt for the rates prepare you need and enter in the essential information and facts. Make your account and buy the transaction with your PayPal account or charge card.
- Opt for the submit structure and obtain the lawful record design for your gadget.
- Comprehensive, change and produce and sign the attained New Hampshire Amendment to Oil and Gas Lease to Extend Primary Term.
US Legal Forms may be the largest catalogue of lawful varieties in which you can discover various record web templates. Make use of the service to obtain professionally-created documents that comply with status needs.
Form popularity
FAQ
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
Negotiating an oil and gas lease will require some research upfront. If you're a landowner interested in working with an oil and gas company, you should explore their history and experience. You'll want to work with a reputable company that works in your best interests, holds a high standard, and maintains insurance.
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 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.
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.
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.
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.
