New Hampshire Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells: Explained Keywords: New Hampshire, Amendment, Oil and Gas Lease, Shut-In Provision, Oil Wells Description: The New Hampshire Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells is a legally binding document that aims to add an essential clause to an existing lease agreement for oil and gas drilling operations in the state of New Hampshire. The addition of a "Shut-In Provision" allows the lessee to temporarily suspend oil well production while preserving their rights and interests. Types of New Hampshire Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells: 1. Voluntary Shut-In Provision: This amendment grants the lessee the option to shut in oil well production voluntarily for a predetermined period. This provision is typically employed when prices drop significantly, operational costs outweigh revenue, or when maintenance or repairs are required on the equipment. 2. Forced Shut-In Provision: This amendment provides the lessor with the authority to enforce a shut-in of oil well production under specific circumstances. These circumstances may include breach of lease terms, failure to comply with environmental regulations, or concerns regarding safety and endangerment to the surrounding environment or nearby communities. 3. Emergency Shut-In Provision: This amendment addresses sudden or unforeseen events that require immediate cessation of oil well production. Such events may include natural disasters, accidents, oil spills, or other hazardous situations. The provision outlines the process for notifying relevant parties and the steps necessary to secure the well during the emergency. 4. Temporary Shut-In Provision: This amendment allows the lessee to temporarily halt oil well production while ensuring that the lease remains active. This is often utilized when the lessee intends to resume production in the near future but needs to address specific issues, such as market conditions, technical difficulties, or operational adjustments. The provision typically defines the maximum duration of the temporary shut-in period. By introducing these various types of amendments to the existing oil and gas lease, the New Hampshire Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells ensures the flexibility and protection of the rights and interests of both the lessor and lessee involved in the oil and gas operations within the state.
New Hampshire Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells
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FAQ
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.
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.
Pooling is the combining of all oil and gas interests in a drilling unit. In most cases, the owners of oil and gas rights in a unit sign a lease with a developer that allows for pooling. If there is more than one developer in a unit, they voluntarily agree on a development plan.
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.
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.
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.