New Mexico Exhibit Schedule of Oil and Gas Leases Form 3

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-526
• Format: Word; Rich Text

Description

This Exhibit provides a schedule of oil and gas leases subject to the Operating Agreement. The New Mexico Exhibit Schedule of Oil and Gas Leases Form 3 is a crucial document that outlines important information regarding oil and gas leases in the state of New Mexico. It serves as a comprehensive record and agreement between the lessor (landowner) and the lessee (oil and gas company) for the extraction and development of natural resources. This form provides a detailed schedule presenting pertinent details of each individual oil and gas lease, ensuring transparency and accountability in the leasing process. Here are some relevant keywords associated with this form: 1. New Mexico oil and gas leases: This refers to the contractual agreements between the landowner and the energy company allowing the exploration, drilling, and extraction of oil and gas reserves located in New Mexico. 2. Exhibit Schedule: This section of the form lists the essential information related to each lease, such as the lease number, effective date, lease type, term, net acres, and royalty rates. The exhibit schedule helps in organizing and evaluating lease arrangements systematically. 3. Lease type: Different types of leases exist, and their classification may vary based on certain factors. Some common types include primary term leases, secondary term leases, increased density leases, and unitization leases. Each type caters to specific requirements and conditions. 4. Effective date: The effective date signifies the date from which the lease becomes applicable and enforceable. It plays a crucial role in determining the term and validating lease-related activities. 5. Term: The term specifies the duration for which the lease remains in effect. It outlines the period within which the lessee has the right to explore, develop, and extract oil and gas resources from the leased land. 6. Net acres: This term denotes the total acreage covered under the specific lease. It is essential for determining the extent of land available for oil and gas operations. 7. Royalty rates: Royalty rates establish the percentage or portion of the extracted oil and gas that the lessor is entitled to receive as payment. It serves as a source of income for the landowner and can vary based on the lease terms and negotiations. 8. Amendments and modifications: The Form 3 may include sections allowing for amendments or modifications to the original lease agreement. These provisions cover specific circumstances where modifications are necessary due to changes in laws, regulations, or other relevant factors. The New Mexico Exhibit Schedule of Oil and Gas Leases Form 3 ensures that all important details regarding oil and gas leases are properly documented, providing a clear overview of the leasing landscape in the state.

The New Mexico Exhibit Schedule of Oil and Gas Leases Form 3 is a crucial document that outlines important information regarding oil and gas leases in the state of New Mexico. It serves as a comprehensive record and agreement between the lessor (landowner) and the lessee (oil and gas company) for the extraction and development of natural resources. This form provides a detailed schedule presenting pertinent details of each individual oil and gas lease, ensuring transparency and accountability in the leasing process. Here are some relevant keywords associated with this form: 1. New Mexico oil and gas leases: This refers to the contractual agreements between the landowner and the energy company allowing the exploration, drilling, and extraction of oil and gas reserves located in New Mexico. 2. Exhibit Schedule: This section of the form lists the essential information related to each lease, such as the lease number, effective date, lease type, term, net acres, and royalty rates. The exhibit schedule helps in organizing and evaluating lease arrangements systematically. 3. Lease type: Different types of leases exist, and their classification may vary based on certain factors. Some common types include primary term leases, secondary term leases, increased density leases, and unitization leases. Each type caters to specific requirements and conditions. 4. Effective date: The effective date signifies the date from which the lease becomes applicable and enforceable. It plays a crucial role in determining the term and validating lease-related activities. 5. Term: The term specifies the duration for which the lease remains in effect. It outlines the period within which the lessee has the right to explore, develop, and extract oil and gas resources from the leased land. 6. Net acres: This term denotes the total acreage covered under the specific lease. It is essential for determining the extent of land available for oil and gas operations. 7. Royalty rates: Royalty rates establish the percentage or portion of the extracted oil and gas that the lessor is entitled to receive as payment. It serves as a source of income for the landowner and can vary based on the lease terms and negotiations. 8. Amendments and modifications: The Form 3 may include sections allowing for amendments or modifications to the original lease agreement. These provisions cover specific circumstances where modifications are necessary due to changes in laws, regulations, or other relevant factors. The New Mexico Exhibit Schedule of Oil and Gas Leases Form 3 ensures that all important details regarding oil and gas leases are properly documented, providing a clear overview of the leasing landscape in the state.