Ohio Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells

• Category: Oil Gas and Minerals - Amendments
• State: Multi-State
• Control #: US-OG-576
• Format: Word; Rich Text

Description

This is a form of an Amendment to an Oil and Gas Lease to Add a Shut-in Royalty Provision For Oil Wells. Ohio Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells The Ohio Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells is a crucial legal document that comes into effect whenever an oil and gas lease in Ohio needs to be amended to include a shut-in provision for oil wells. This provision allows the lessee to temporarily halt or suspend production at the well, without terminating the lease, due to certain specified circumstances. The inclusion of a shut-in provision grants the lessee the ability to temporarily stop production and conserve resources when conditions are not suitable for active operation, such as in cases of low oil prices, equipment maintenance, or unfavorable market conditions. By adding this provision to the existing lease, both the lessor and the lessee are protected against unnecessary termination of the lease agreement during certain periods. There are several types of Ohio Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells that can be distinguished based on their specific provisions and conditions: 1. Temporary Suspension of Production: This type of amendment allows the lessee to temporarily stop the production of oil at the well for a specified period. The shut-in duration can vary depending on the lease agreement and may include provisions for periodic shut-in extension. 2. Economic Threshold Shut-In: This type of amendment allows the lessee to shut-in the well when the price of oil falls below a certain economic threshold. This provision ensures that the lessee can suspend production during times of unfavorable market conditions while also protecting the lessor's interests. 3. Maintenance and Repair Shut-In: This type of amendment allows the lessee to shut-in the well for a specified period to perform necessary maintenance or repair work on the equipment or infrastructure associated with the production of oil. It enables the lessee to ensure the efficient and safe operation of the well. 4. Force Mature Shut-In: This type of amendment allows the lessee to shut-in the well due to unforeseen circumstances beyond their control, such as natural disasters, civil unrest, or government regulations. The force majeure provision protects both parties from potential liability during these exceptional events. When considering an Ohio Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells, it is crucial to consult legal experts familiar with Ohio oil and gas laws to ensure the amendment conforms to all necessary legal requirements and safeguards the rights and obligations of both the lessor and the lessee. By incorporating a shut-in provision into the existing lease, all parties involved can benefit from increased flexibility and protection in varying market and operational conditions.

Ohio Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells The Ohio Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells is a crucial legal document that comes into effect whenever an oil and gas lease in Ohio needs to be amended to include a shut-in provision for oil wells. This provision allows the lessee to temporarily halt or suspend production at the well, without terminating the lease, due to certain specified circumstances. The inclusion of a shut-in provision grants the lessee the ability to temporarily stop production and conserve resources when conditions are not suitable for active operation, such as in cases of low oil prices, equipment maintenance, or unfavorable market conditions. By adding this provision to the existing lease, both the lessor and the lessee are protected against unnecessary termination of the lease agreement during certain periods. There are several types of Ohio Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells that can be distinguished based on their specific provisions and conditions: 1. Temporary Suspension of Production: This type of amendment allows the lessee to temporarily stop the production of oil at the well for a specified period. The shut-in duration can vary depending on the lease agreement and may include provisions for periodic shut-in extension. 2. Economic Threshold Shut-In: This type of amendment allows the lessee to shut-in the well when the price of oil falls below a certain economic threshold. This provision ensures that the lessee can suspend production during times of unfavorable market conditions while also protecting the lessor's interests. 3. Maintenance and Repair Shut-In: This type of amendment allows the lessee to shut-in the well for a specified period to perform necessary maintenance or repair work on the equipment or infrastructure associated with the production of oil. It enables the lessee to ensure the efficient and safe operation of the well. 4. Force Mature Shut-In: This type of amendment allows the lessee to shut-in the well due to unforeseen circumstances beyond their control, such as natural disasters, civil unrest, or government regulations. The force majeure provision protects both parties from potential liability during these exceptional events. When considering an Ohio Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells, it is crucial to consult legal experts familiar with Ohio oil and gas laws to ensure the amendment conforms to all necessary legal requirements and safeguards the rights and obligations of both the lessor and the lessee. By incorporating a shut-in provision into the existing lease, all parties involved can benefit from increased flexibility and protection in varying market and operational conditions.