Rhode Island Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term is a legal document used in Rhode Island to request an extension of an oil and gas lease beyond its primary term based on production activities. This affidavit is essential for oil and gas operators and landowners who wish to continue operations on a particular lease. An affidavit is a sworn statement made under oath by a party involved in a legal matter. In the context of oil and gas leases, an Affidavit of Production serves as evidence to demonstrate that the leased land is actively producing oil and gas during the primary term of the lease. The purpose of this affidavit is to justify the need for an extension of the lease beyond the primary term. It ensures that the lease remains in effect and both parties involved can continue to benefit from the extraction of valuable resources on the specified property. The Rhode Island Affidavit of Production includes vital information such as the names of the lessor and lessee, the lease agreement details, the specific lease plot, and its legal description. The affidavit also requires the inclusion of production data, such as the amount of oil and gas produced, the type of production, and the relevant time frame. Different types of Rhode Island Affidavits of Production to Extend Oil and Gas Lease Beyond Primary Term may vary depending on the specific lease agreement, the location of the leased land, or additional requirements imposed by local regulatory bodies. However, the main purpose of these affidavits remains constant — to provide evidence of active production and request an extension on the oil and gas lease. It is crucial to consult with legal professionals or landsmen experienced in Rhode Island oil and gas laws to ensure compliance with all regulations and to accurately prepare the necessary affidavits. Failing to fulfill the requirements may result in the termination of the lease, potential legal disputes, and financial losses for both parties involved.
Rhode Island Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term
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How to fill out Affidavit Of Production To Extend Oil And Gas Lease Beyond Primary Term?
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FAQ
"Held by production" is a provision in an oil or natural gas property lease that allows the lessee, generally an energy company, to continue drilling activities on the property as long as it is economically producing a minimum amount of oil or gas.
These basic lease terms ? bonus, royalty, term, delay rental (if any) and shut-in royalty --are typically the "deal terms" negotiated between the Lessor and Lessee. The Lessor typically wants the highest bonus, delay rental and royalty fraction he can get, and the shortest primary term. The Lessee wants the opposite.
An ?unless? clause provides that the lease terminates unless the lessee has either made the required payments or commenced drilling operations. Lessees can therefore be terminated from the lease by failure to pay the proper amount, by the due date, in the proper form, to the proper party.
Held by production is an oil & gas industry term indicating a property is under lease and that the lease is being perpetuated in the secondary term by the production of oil or gas in paying quantities. An oil & gas may be in HBP status for many years if the wells located on the leased land keep producing.
The production department is responsible for the safe and efficient operation of the company's wells, while meeting the requirements of federal and local government regulations. The production department is also responsible for well testing, production measurement and control.
Oil and gas production is the general process of manufacturing oil and natural gas from wells and turning them into the final petroleum products that consumers can use.
