Gas Storage Agreement and Lease (Surface and Underground)
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FAQ
Oil and gas leases in one document, although in Alberta, the Crown has; or will have, a form of gas lease that grants rights to natural gas in specified gas producing zones. The lease granting both oil and gas has been a characteristic of the industry for fifty years.
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.
It is most commonly held in inventory underground under pressure in three types of facilities. These underground facilities are depleted reservoirs in oil and/or natural gas fields, aquifers, and salt cavern formations. Natural gas is also stored in liquid or gaseous form in aboveground tanks.
¹ The term of an oil and gas lease is divided into two parts, a primary term and a secondary term. The primary term is usually for a set amount of years, 1, 3, 5, 7 or 10 years.
: a deed by which a landowner authorizes exploration for and production of oil and gas on his land usually in consideration of a royalty.
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.
The more the well yields in the first month, the more valuable it generally will be over time. The typical well might yield as much as half of its gas in the first five years of production. Wells might then continue to produce for a total of twenty to thirty years but at lower and lower production rates.