This lease grants exclusive rights to the land for the purposes of exploring and drilling for producing, storing, treating, transporting and marketing oil and gas and all substances produced to the Lessee.
Texas Oil and Gas Lease
State:
Texas
Control #:
TX-JW-0081
Format:
PDF
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FAQ
The leases issued by BLM have a primary term of ten years. This is the period of time during which the lessee may explore for oil and gas deposits and attempt to bring them into production.
: a deed by which a landowner authorizes exploration for and production of oil and gas on his land usually in consideration of a royalty.
Landowners who are considering purchasing, or have already purchased a property can search their county Register of Deeds registry to determine if an oil and gas lease is recorded.A search of the public records at the county register of deeds office is necessary.
Accordingly, when you see the words Paid-Up Lease, this normally means that you will receive an upfront bonus for which the oil and gas company does not have to do anything during the initial or primary term of the lease.
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.
An oil lease is essentially an agreement between parties to allow a Lessee (the oil and gas company and their production crew) to have access to the property and minerals (oil and gas) on the property of the Lessor. The lease agreement is a legal contract of terms.It establishes the primary term of the lease.
A lease may provide for the payment of "delay rental" during the primary term.If a lease is a "paid-up" lease, then the lease will remain in effect during the entire primary term with no further payments to the Lessor unless and until actual production of oil or gas is established.