The South Carolina Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term is a legal document used to request an extension of an oil and gas lease in the state of South Carolina. This affidavit is specifically designed for situations where the lease is set to expire after its primary term but the lessee wishes to continue its operations. The purpose of the South Carolina Affidavit of Production is to provide proof that oil and gas production is still ongoing, even after the primary term of the lease has ended. This allows the lessee to extend the lease for an additional period, often referred to as the secondary term. By submitting a completed Affidavit of Production, the lessee demonstrates to the lessor that they have met the lease requirements and are entitled to an extension. This document typically includes detailed information about the production activities, such as the amount of oil and gas produced, the wells involved, and any other relevant information. Different types of South Carolina Affidavits of Production to Extend Oil and Gas Lease Beyond Primary Term may include variations based on the specific lease agreement or the requirements set by the state authorities. Some variations may include: 1. Standard Affidavit of Production: This is a generic version of the document that covers the basic information required to demonstrate ongoing oil and gas production. 2. Affidavit of Production for Multiple Wells: In cases where the lease involves multiple wells, this type of affidavit would provide detailed information for each well, including production amounts and lease requirements met. 3. Affidavit of Production with Financial Statements: If the lease agreement requires the submission of financial statements, this variation of the Affidavit of Production would include the necessary financial information regarding the oil and gas production. 4. Affidavit of Production with Revised Terms: In situations where both parties agree to modify the lease terms during the extension, this type of affidavit would incorporate the revised terms and conditions. It is important to note that the specific types of South Carolina Affidavits of Production can vary depending on the lease agreements and state regulations. It is advisable to consult with an attorney or legal expert familiar with South Carolina oil and gas lease laws to ensure the proper documentation is prepared and submitted accurately.
South Carolina 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
Once granted, an oil and gas lease gives the lessee a primary term ranging from 5 to 10 years, depending on water depth, to explore and develop the lease. A lessee must relinquish the lease if no activity has occurred within that specified amount of time.
The primary term is the initial period during which a well may be drilled. If a successful well is drilled within the primary term, the lease will extend for as long as the well remains productive. If a well is not drilled within the primary term, the lease will usually expire.
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.
Total operated basis: The total reserves or production associated with the wells operated by an individual operator. This is also commonly known as the "gross operated" or "8/8ths" basis.
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.
The primary term on average is 3 years. Companies can add a 2-year extension if they wish. The company that executed the lease uses this time period to achieve drilling the well. Once that is completed, the secondary term begins and lasts for as long as the well is producing.
