Virgin Islands Amendment to Oil and Gas Lease to Extend the Primary Term of the Lease on Part of the Lands Subject to the Lease
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FAQ
The Pugh Clause has no ?standard language? and there are as many forms as there are drafters to the form. The clause will only have the effects that are specifically provided for in the language itself.
A retained-acreage provision requires the lessee to release land not assigned to a producing well (or active drilling/ reworking operations) at the end of the primary term. Unlike a Pugh clause, this has nothing to do with pooling/ unitization.
An example of a Surface Area Pugh Clause: ?Production from or operations on a pooled unit or units including a portion or portions of the leased premises will maintain this Lease in force only as to the acreage included in the unit or units.
If there is production sufficient to preserve all or part of the lease at that one moment, the acreage is retained and not evaluated again. Conversely, under ?rolling? Pugh clauses, ?rolling determinations? following the primary term are to be made whenever any operations or production ceases.
Retained Acreage ? A clause that provides that a lease will continue after the expiration of the primary term as to a certain number of acres associated with each of the wells drilled under the lease.
In oil and gas leases, the habendum clause defines the primary term and secondary term of the lease, dictating how long the lease is in force. When used in the context of oil and gas leases, the focus of the habendum clause is on the "and so long thereafter" portion that extends the lease if conditions are met.
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.
In general terms, the Pugh Clause provides that production from a unitized or pooled area located on or including a portion of the leased lands will not be sufficient to extend the primary term for the entire leasehold.