This form is a Rocky Mountain Lease agreement wherein Lessor grants, leases, and lets exclusively to Lessee the lands described within for the purposes of conducting seismic and geophysical operations, exploring, drilling, mining, and operating for, producing and owning oil, gas, sulfur, and all other minerals whether or not similar to those mentioned (collectively the oil or gas ), and the right to make surveys, lay pipelines, establish and utilize facilities for surface or subsurface disposal of salt water, construct roads and bridges, dig canals, build tanks, power stations, power lines, telephone lines, and other structures on the Lands, necessary or useful in Lessee's operations on the Lands or any other land adjacent to the Lands. This lease is a paid up lease and provides for pooling.
An Oklahoma Oil and Gas Lease, specifically the Rocky Mountain Paid Up Lease — Form A, is a legal contract that grants the lessee (typically an oil and gas company) the exclusive rights to explore, extract, and produce oil and natural gas resources from a specified area within Oklahoma. This lease type is specifically associated with the Rocky Mountain region and is designed to provide a simplified payment structure for the lessee. The Rocky Mountain Paid Up Lease — Form A offers specific terms and conditions for both the lessor (the individual or entity who owns the mineral rights) and the lessee. It outlines the duration of the lease, the area in which it applies, royalty payments, and various rights and obligations of both parties. Some key elements typically included in the Oklahoma Oil and Gas Lease — Rocky Mountain Paid U— - Form A are: 1. Primary Term: This refers to the initial duration of the lease, during which the lessee must commence drilling operations or pay delay rental payments to maintain the lease. The Primary Term is usually a fixed number of years, such as three or five. 2. Area of Interest: The lease specifies a defined geographical area, such as a certain number of acres or a specific legal description, where the lessee has rights to explore and develop the oil and gas resources. 3. Royalty Payments: The lease determines the percentage of royalties paid to the lessor for the extracted oil and gas. This is often a negotiated percentage, typically ranging from 12.5% to 25% of the gross production. 4. Delay Rental: During the Primary Term, if drilling operations have not commenced, the lessee can choose to pay an agreed-upon delay rental fee to keep the lease in force. 5. Shut-in Royalty: In the event that the well is not producing oil or gas due to market conditions, a shut-in royalty may be paid to the lessor as compensation for the inability to sell the resources. 6. Pooling and Unitization: The lease may contain provisions for pooling adjacent leases or unitizing multiple leases to maximize efficiency and potentially increase production. 7. Surface Rights: The rights and obligations regarding surface access and use for drilling and production activities are often outlined in the lease agreement. While the Oklahoma Oil and Gas Lease — Rocky Mountain Paid U— - Form A generally follows a standardized structure, it's important to note that there may be slight variations or additional lease forms depending on specific circumstances or negotiated terms.An Oklahoma Oil and Gas Lease, specifically the Rocky Mountain Paid Up Lease — Form A, is a legal contract that grants the lessee (typically an oil and gas company) the exclusive rights to explore, extract, and produce oil and natural gas resources from a specified area within Oklahoma. This lease type is specifically associated with the Rocky Mountain region and is designed to provide a simplified payment structure for the lessee. The Rocky Mountain Paid Up Lease — Form A offers specific terms and conditions for both the lessor (the individual or entity who owns the mineral rights) and the lessee. It outlines the duration of the lease, the area in which it applies, royalty payments, and various rights and obligations of both parties. Some key elements typically included in the Oklahoma Oil and Gas Lease — Rocky Mountain Paid U— - Form A are: 1. Primary Term: This refers to the initial duration of the lease, during which the lessee must commence drilling operations or pay delay rental payments to maintain the lease. The Primary Term is usually a fixed number of years, such as three or five. 2. Area of Interest: The lease specifies a defined geographical area, such as a certain number of acres or a specific legal description, where the lessee has rights to explore and develop the oil and gas resources. 3. Royalty Payments: The lease determines the percentage of royalties paid to the lessor for the extracted oil and gas. This is often a negotiated percentage, typically ranging from 12.5% to 25% of the gross production. 4. Delay Rental: During the Primary Term, if drilling operations have not commenced, the lessee can choose to pay an agreed-upon delay rental fee to keep the lease in force. 5. Shut-in Royalty: In the event that the well is not producing oil or gas due to market conditions, a shut-in royalty may be paid to the lessor as compensation for the inability to sell the resources. 6. Pooling and Unitization: The lease may contain provisions for pooling adjacent leases or unitizing multiple leases to maximize efficiency and potentially increase production. 7. Surface Rights: The rights and obligations regarding surface access and use for drilling and production activities are often outlined in the lease agreement. While the Oklahoma Oil and Gas Lease — Rocky Mountain Paid U— - Form A generally follows a standardized structure, it's important to note that there may be slight variations or additional lease forms depending on specific circumstances or negotiated terms.
