New York Subsurface Underground Storage Lease and Agreement (From a Surface Owner, With No Right to Use the Surface of the Lands being Granted) is a legal document that governs the rights and permissions granted to a party for underground storage activities while explicitly excluding any surface usage rights. This type of agreement is commonly used when the surface owner wishes to retain ownership and control of the land above the storage area, while allowing another party to utilize the subsurface area for specific purposes such as storing natural gas, oil, or other minerals. The agreement is designed to protect the rights and interests of both the surface owner and the party granted the subsurface storage lease. It includes detailed provisions regarding access to the subsurface, the purpose of storage activities, permissible storage volumes, operating conditions, liability, insurance requirements, and financial considerations. It is worth mentioning that different types of New York Subsurface Underground Storage Lease and Agreements may exist based on the specific purposes of the storage activities or the types of minerals being stored. Some common variations include: 1. New York Subsurface Natural Gas Storage Lease and Agreement: This type of agreement is tailored specifically for granting rights to store natural gas underground. It encompasses provisions related to safety protocols, environmental concerns, and compliance with applicable regulations. 2. New York Subsurface Oil Storage Lease and Agreement: This agreement focuses on granting rights for storing oil underground. It may address issues related to spill prevention, containment measures, and monitoring requirements to ensure the protection of both the storage area and the surrounding environment. 3. New York Subsurface Mineral Storage Lease and Agreement: This variation covers storage activities related to various types of minerals such as coal, copper, or uranium. Specific provisions may vary depending on the characteristics and potential risks associated with the stored minerals. Overall, a New York Subsurface Underground Storage Lease and Agreement (From a Surface Owner, With No Right to Use the Surface of the Lands being Granted) is a legally binding contract that enables the efficient utilization of subterranean space while safeguarding the surface owner's property rights. It establishes clear rights, obligations, and responsibilities for all involved parties, ensuring transparency and fairness in subsurface storage operations.
New York Subsurface Underground Storage Lease and Agreement (From a Surface Owner, With No Right ot Use the Surface of the Lands being Granted)
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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.
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 royalty percentage is usually 12.5% to 15% but can change based on regional regulations or negotiations. Types of Leases: There are different types of oil and gas leases, and they affect royalty calculations differently.
The BLM issues a competitive lease for a 10-year period. BLM State Offices conduct lease sales quarterly when parcels are eligible and available for lease. Each State Office publishes a Notice of Competitive Lease Sale (Sale Notice), which lists parcels to be offered at the auction, usually 45 days before the auction.
Surface Lease means a lease, easement, or other agreement providing the holder with the right to enter the surface of any land for the purpose of constructing and operating a well, facility, flowline, roadway, or power line; Sample 1.
Oil leases are agreements between an oil and gas company known as the lessee and mineral owners known as a lessor, in which the lessor grants the lessee the permission to explore, drill, and produce those minerals for a specified period known as a primary term or as long as the minerals continue to be productive.