This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
South Dakota Use of Produced Oil Or Gas by Lessor
Category:
State:
Multi-State
Control #:
US-OG-839
Format:
Word;
Rich Text
Instant download
Description
How to fill out Use Of Produced Oil Or Gas By Lessor?
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FAQ
By October 2020, total oil rig count in the state had fallen dramatically. ing to the North Dakota Department of Mineral Resources, the total oil rig count in the state had fallen from 58 active rigs on October 3, 2019, to only 11 active rigs on October 3, 2020, a reduction of over 80 percent.
Crude oil production in South Dakota has ranged between about 1 million and 2 million barrels per year for four decades. In 2022, production fell to 960,000 barrels, its lowest level since at least 1981.
Historically, mineral owners (?lessors?) and landmen/oil companies (?lessees?) spend most of their time focusing and negotiating the bonus payment, primary term and royalty provisions of an oil and gas lease. These provisions are important, but they represent only a small number of the important elements of the lease.
Oil and gas producing states AlaskaIllinoisTexasArkansasKansasVirginiaArizonaKentuckyWest VirginiaCaliforniaLouisianaWyomingColoradoMaryland2 more rows
The discovery well was drilled in 1953 in Harding County by Shell Oil Company. The well was drilled to a depth of 9,332 feet. The producing geologic unit is the Red River Formation. The Red River Formation remains South Dakota's most productive geologic unit for oil.
A mineral lease is a contract between a mineral owner (the lessor) and a company or working interest owner (the lessee) in which the lessor grants the lessee the right to explore, drill, and produce oil, gas, and other minerals for a specified period of time.
Almost all of the state's crude oil production is concentrated in the northwestern corner of the state, where Harding County produces most of South Dakota's crude oil and natural gas. Since the 1980s, the state's annual crude oil production has ranged between about 1 million and 2 million barrels per year.
