Rhode Island Ratification of Oil and Gas Lease by Party Claiming An Outstanding or Adverse Interest

State:
Multi-State
Control #:
US-OG-115
Format:
Word; 
Rich Text
Instant download

Description

This form addresses a situation in which a party may claim an interest in minerals, but a dispute exists as to that partys title. By executing a ratification, this allows the lessee to an oil and gas lease to proceed with its exploration activities, without concern that there may an unleased interest.

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FAQ

Is there more than one type of oil and gas lease? Yes, there are three types: a surface use lease, a non-surface use lease, and a dual purpose lease.

The record title interest includes the obligation to pay rent and the rights to assign and relinquish the lease. [1] The operating rights interest authorizes the holder to drill for and conduct operations and produce the leased substances.

To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.

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 mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.

Operating Rights/Working Interest: The interest or contractual obligation created out of a lease (referred to as a sublease) authorizing the holder of that right to enter the leased lands to conduct drilling and related operations, including production.

Record Title: Primary ownership of an interest in an oil and gas or geothermal lease including the obligation to pay rent, and the right to transfer and relinquish the lease.

A good indemnification clause should be negotiated to make the oil and gas company responsible for defending and indemnifying the landowner should a claim be brought due to the operations or activities of the oil and gas company.

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Rhode Island Ratification of Oil and Gas Lease by Party Claiming An Outstanding or Adverse Interest