Oklahoma Partial Release of Oil and Gas Lease As to Depth

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• Control #: US-OG-131
• Format: Word; Rich Text

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. A Partial Release of Oil and Gas Lease As to Depth is a legal document used in the state of Oklahoma that allows the partial termination or reduction of the rights granted in an original oil and gas lease to a specific depth interval. This type of release is commonly used when the original lease covers multiple depth intervals, and the lessor or lessee wants to release or modify their rights in only a specific portion of the leasehold. In an Oklahoma Partial Release of Oil and Gas Lease As to Depth, the parties involved agree to release or modify the leasehold rights in a particular depth interval, while keeping the rights intact for other depth intervals. This document helps establish clear boundaries and ownership rights between the lessor and lessee when it comes to oil and gas exploration, production, and extraction activities. Keywords: Oklahoma, Partial Release, Oil and Gas Lease, Depth, Termination, Reduction, Rights, Leasehold, Boundaries, Ownership, Exploration, Production, Extraction. Types of Oklahoma Partial Release of Oil and Gas Lease As to Depth can include: 1. Partial Release: Horizontal Interval — This type of release involves the termination or reduction of leasehold rights in a specific horizontal interval, typically defined by a certain depth range or geological formation. It allows parties to limit their rights to a particular layer or zone within the leased area. 2. Partial Release: Vertical Interval — This release pertains to the termination or reduction of leasehold rights in a specific vertical interval, often defined by a designated depth range. It enables parties to segment their rights vertically, granting separate ownership or usage rights for different layers within the leasehold. 3. Partial Release: Target Formation — This type of release focuses on a particular geological formation or target reservoir, irrespective of the specific depth. Parties may choose to release or modify their leasehold rights within this formation while keeping the rights intact for other potential formations that may exist at varying depths. 4. Partial Release: Geographical Zone — In this release, the boundaries of the leasehold rights are modified based on a specific geographical zone rather than depth intervals. It allows parties to define their ownership or usage rights in a specific area, regardless of the depth or exact location of the oil and gas formations within that area. By utilizing an Oklahoma Partial Release of Oil and Gas Lease As to Depth, lessors and lessees can effectively manage their leasehold rights and establish clear agreements regarding the exploration and development of oil and gas resources, ensuring fair and efficient operation within the industry.

A Partial Release of Oil and Gas Lease As to Depth is a legal document used in the state of Oklahoma that allows the partial termination or reduction of the rights granted in an original oil and gas lease to a specific depth interval. This type of release is commonly used when the original lease covers multiple depth intervals, and the lessor or lessee wants to release or modify their rights in only a specific portion of the leasehold. In an Oklahoma Partial Release of Oil and Gas Lease As to Depth, the parties involved agree to release or modify the leasehold rights in a particular depth interval, while keeping the rights intact for other depth intervals. This document helps establish clear boundaries and ownership rights between the lessor and lessee when it comes to oil and gas exploration, production, and extraction activities. Keywords: Oklahoma, Partial Release, Oil and Gas Lease, Depth, Termination, Reduction, Rights, Leasehold, Boundaries, Ownership, Exploration, Production, Extraction. Types of Oklahoma Partial Release of Oil and Gas Lease As to Depth can include: 1. Partial Release: Horizontal Interval — This type of release involves the termination or reduction of leasehold rights in a specific horizontal interval, typically defined by a certain depth range or geological formation. It allows parties to limit their rights to a particular layer or zone within the leased area. 2. Partial Release: Vertical Interval — This release pertains to the termination or reduction of leasehold rights in a specific vertical interval, often defined by a designated depth range. It enables parties to segment their rights vertically, granting separate ownership or usage rights for different layers within the leasehold. 3. Partial Release: Target Formation — This type of release focuses on a particular geological formation or target reservoir, irrespective of the specific depth. Parties may choose to release or modify their leasehold rights within this formation while keeping the rights intact for other potential formations that may exist at varying depths. 4. Partial Release: Geographical Zone — In this release, the boundaries of the leasehold rights are modified based on a specific geographical zone rather than depth intervals. It allows parties to define their ownership or usage rights in a specific area, regardless of the depth or exact location of the oil and gas formations within that area. By utilizing an Oklahoma Partial Release of Oil and Gas Lease As to Depth, lessors and lessees can effectively manage their leasehold rights and establish clear agreements regarding the exploration and development of oil and gas resources, ensuring fair and efficient operation within the industry.