Ohio Partial Release of Oil and Gas Lease As to Depth

State:
Multi-State
Control #:
US-OG-131
Format:
Word; 
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Description

This form presupposes an oil and gas lease provides for a termination of the lease as to depths. It is prepared for execution by the lessee to release subsurface depths as provided for in a lease.

The Ohio Partial Release of Oil and Gas Lease As to Depth is a crucial legal document that allows individuals or companies to modify the terms and conditions specified in an existing oil and gas lease within the state of Ohio. This type of release primarily focuses on the depth at which oil and gas exploration and extraction activities can take place. Ohio is rich in natural resources and has significant reserves of oil and natural gas. To regulate the exploration and production activities, landowners often lease their properties to oil and gas companies. However, as technology and extraction methods advance, lessees may require adjustments to the original lease to access resources present at different depths. The Ohio Partial Release of Oil and Gas Lease As to Depth provides a framework for lessees and lessors to establish new depth limitations or extend the existing ones. It typically includes detailed information about the specific leased property, the original lease agreement, and the desired depth modifications. There are a few different types of Ohio Partial Release of Oil and Gas Lease As to Depth, namely: 1. Depth Modification: This type of release allows the lessee to modify the original lease by expanding or reducing the depth limitations for oil and gas exploration. It provides details on the new depth restrictions and the specific areas or formations affected by this modification. 2. Depth Extension: In cases where additional resources are discovered at greater depths, lessees may require a depth extension to continue extracting oil and gas from these reservoirs. This release type enables the lessee to extend the depth limitations specified in the original lease. 3. Depth Reduction: Conversely, if a lessee determines that a portion of the leased property does not contain profitable resources at the original depth limitations, they may seek a depth reduction to discontinue exploration activities at those depths. This type of release restricts oil and gas operations at specific depths, ensuring efficient resource allocation. The Ohio Partial Release of Oil and Gas Lease As to Depth is a vital legal instrument that facilitates flexibility and adaptability in the ever-evolving oil and gas industry. It protects the interests of both the lessor and lessee by allowing modifications to the original lease agreement, ensuring efficient resource extraction while promoting responsible environmental practices and compliance with relevant laws and regulations.

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FAQ

A pooling clause is a part of an oil and gas lease that allows the person leasing the land to combine their leased area with other properties for development or operation. This means that they can work together with other landowners to extract oil and gas from the ground more efficiently.

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.

Non-Apportionment Rule The rule?followed in the majority of states?that royalties accruing under a lease on property that has been subdivided after the lease grant are not to be shared by the owners of the various subdivisions but belong exclusively to the owner of the subdivision where the producing well is located.

The Pugh Clause ? A clause in the Oil and Gas Lease which modifies usual pooling language to provide that drilling operations on or production from a pooled unit will not preserve the whole lease.

RELEASE: releases of property rights and/or other legal rights that the owner would otherwise be entitled to under law. RELEASE LEASE: releases of oil & gas lease rights that a person would otherwise be entitled to under law.

?Many land professionals are confused about what is a vertical and what is a horizontal pugh clause. LEGALLY ? a vertical pugh clause is one where all acreage outside of the well/unit boundaries must be released. LEGALLY ? a horizontal pugh clause is one where you must release acreage below a certain depth.

A phrase (usually contained in a Pugh clause in an oil & gas lease) that terminates the lease after the primary term as to all formations below a particular depth typically defined as the stratigraphic equivalent of the base of the deepest producing formation in the unit.

23. In general terms, the Pugh Clause provides that production from a unitized or pooled area located on or including a portion of the leased lands will not be sufficient to extend the primary term for the entire leasehold.

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This form presupposes an oil and gas lease provides for a termination of the lease as to depths. It is prepared for execution by the lessee to release ... Apr 13, 2023 — Lessee shall promptly, and no later than sixty (60) calendar days after the expiration of the Primary Term of this Lease, record with the county ...Each form is designed using a MS Word "Fill in the Blank" format. This allows you to quickly make changes, additions and deletions to prepare your documents. Adhere to the instructions below to complete Partial Release of Oil and Gas Lease As to Depth online easily and quickly: Sign in to your account. Sign up ... It may allow a partial assignment by the lessor, but will require that the assignment cannot increase the lessee's obligations under the lease, such as drilling ... Jan 8, 2015 — An oil and gas company interested in drilling on that 1,000 acres must (an often will) go to great lengths to establish the family history, and ... (2) Whenever the entire interest of an oil and gas lease is assigned or ... file the certificate of release in the office of the applicable county recorder. Partial termination provisions are typically divided into one of three categories—Pugh clauses, retained acreage clauses, and depth-severance clauses. Pugh ... Nov 3, 2016 — As to partial surrenders, as provided in the examples above, if the lessee releases part of the lease, the lessee is relieved of all obligations ... Jul 20, 2020 — Before entering lease negotiations, the landowner must ensure the land is leasable. It is plausible the landowner's rights are encumbered by old ...

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Ohio Partial Release of Oil and Gas Lease As to Depth