Oklahoma Assignment of Oil and Gas Leases by Shareholders of Dissolved Corporation

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Multi-State
Control #:
US-OG-265
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Word; 
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Description

This form is used when the assets of a dissolved Corporation included interests in oil and gas leases. In connection with the dissolution of the Corporation, Assignors were deemed to have been distributed the interests in oil and gas leases owned by the Corporation and the Assignors desire to assign to Assignee all of their rights, title and interests in those oil and gas leases and the lands they cover.

The Oklahoma Assignment of Oil and Gas Leases by Shareholders of Dissolved Corporation is a legal process that allows shareholders of a dissolved corporation to transfer their rights and interests in oil and gas leases to another party in the state of Oklahoma. This assignment of leases enables a smooth transfer of ownership and ensures the continuity of oil and gas operations even after a corporation ceases to exist. There are two primary types of Oklahoma Assignment of Oil and Gas Leases by Shareholders of Dissolved Corporation: 1. Voluntary Assignment: This type of assignment occurs when the shareholders of a dissolved corporation willingly choose to transfer their oil and gas lease interests to another party. The shareholders have the freedom to determine the terms and conditions of the assignment, including the transfer price and any additional contractual provisions. 2. Statutory Assignment: In some cases, the assignment may be compelled by law. Oklahoma's statutes provide provisions for the involuntary assignment of oil and gas leases held by shareholders of dissolved corporations. These statutory assignments ensure that the interests of the dissolved corporation's shareholders are protected and properly transferred to maintain uninterrupted operations. To initiate the Oklahoma Assignment of Oil and Gas Leases by Shareholders of Dissolved Corporation, certain steps must be followed. First, the shareholders of the dissolved corporation must determine if a voluntary assignment is desired or if a statutory assignment is required. Proper legal counsel may be sought to ensure compliance with all the necessary regulations and requirements. Next, the assignment agreement should be drafted, outlining the specifics of the transfer, such as the lease identification details, the consideration or payment terms, and any associated warranties or representations. The agreement must be carefully prepared to protect the interests of all parties involved. Once the assignment agreement is finalized and executed by all relevant stakeholders, it must be recorded in the county where the leased property is located. This is a crucial step to ensure the assignment is legally recognized and publicly disclosed to avoid any disputes or claims in the future. The Oklahoma Assignment of Oil and Gas Leases by Shareholders of Dissolved Corporation is a vital procedure in the state's oil and gas industry. It ensures that valuable oil and gas lease interests are not lost when a corporation dissolves, facilitating the continued production and exploration activities within the region.

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FAQ

The memorandum of lease is a short form version of the oil and gas lease. The memorandum of lease is recorded. The full lease will not be recorded. You may also receive an addendum.

Statutory ?Pugh? Clause: The Commission has no jurisdiction to release any portion of your lease. [* Named after a Louisiana lawyer, Lawrence G. Pugh, who drafted an oil and gas lease clause calculated to prevent the holding of non-pooled acreage.]

An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.

A Pugh Clause terminates the lease as to the portions of the land that are not included in a unit if the lessee does not conduct independent operations. Therefore, the Pugh Clause requires the lessee to develop areas of the lease that are not included in a unit.

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.

What is the Pugh Clause and what does it accomplish? 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.

Memorandum of Lease. (Oil Gas) This form is a memorandum of lease that summarizes an oil and gas lease without disclosing confidential information contained in the lease itself. It is filed in the county in which the leased property is located to put third parties on notice that a lease exists.

Without any royalty income it comes down to what buyers think the future income might be. For non-producing properties, the Mineral Rights Value in Oklahoma could be anywhere from a few hundred dollars per acre to $5,000+/acre. It really depends on which county your property is located in.

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This form is used when the assets of a dissolved Corporation included interests in oil and gas leases. In connection with the dissolution of the Corporation ... APPROVAL AND CONSENT TO ASSIGNMENT OF OIL & GAS LEASE REQUIREMENT. Submit a fully executed copy of the assignment which reflects the corporate seal (if any), ...Oklahoma income tax is withheld from oil and gas royalties paid to nonresident S corporations. Enter each shareholder's portion of such withholding. by said municipality may file a complaint before the Corporation. Commission ... in oil and gas leases covering lands located in this state, to the extent of ... BASIC OIL AND GAS FORMS PROGRAM · Assignment (Undivided Interest in Producing Lease) · Assignment and Bill of Sale (To Life Tenant and Remainderman) · Assignment ... Add the Assignment of Oil and Gas Leases by Shareholders of Dissolved Corporation for editing. Click the New Document option above, then drag and drop the file ... Example: Taxpayer A owns 100 percent of the working interest in an oil and gas lease and agrees to assign to Taxpayer B 50 percent of the working interest in ... Each request for consent and approval of an assignment of oil and gas lease shall be accompanied by a fully executed copy of the assignment, payment of an ... A person who acquires possession of oil and gas produced water and waste for the purpose of recycling it for subsequent beneficial use may dispose of the oil ... Jul 24, 2023 — (c) Complete reclamation of the leased sites after stopping or abandoning oil ... gas lease means all of the record title holders of an oil gas ...

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Oklahoma Assignment of Oil and Gas Leases by Shareholders of Dissolved Corporation