The Virgin Islands Amendment to Oil and Gas Lease allows for the extension of the primary term of the lease on a specific portion of the lands subject to the lease agreement. This amendment is a crucial component in the oil and gas industry as it grants the lessee an opportunity to continue exploring, developing, and extracting resources from the designated area for an extended period. Keywords: Virgin Islands, Amendment, Oil and Gas Lease, Extend, Primary Term, Lands, Subject, Lease Agreement, Exploration, Development, Extraction, Resources. Types of Virgin Islands Amendments to Oil and Gas Lease to Extend the Primary Term: 1. Partial Extension Amendment: This type of amendment specifically targets a particular part of the leased lands and extends the primary term for that specific area. 2. Time-based Extension Amendment: This type of amendment grants an extension of the primary term for a certain pre-defined period, allowing the lessee additional time to explore and develop resources on the leased lands. 3. Production-based Extension Amendment: In situations where the lessee can demonstrate ongoing productive operations on part of the leased lands, this amendment can be utilized to extend the primary term, enabling further resource extraction within the designated area. 4. Partial and Time-based Extension Amendment: This type combines the elements of both the partial extension and time-based extension to allow the lessee an extended primary term for a specific portion of the lands, for a predefined period. 5. Modified Primary Term Extension Amendment: This amendment typically involves alterations to the primary term extension, often including adjustments to key conditions, obligations, and terms of the original lease agreement, allowing for a more tailored approach to the extension process. It is crucial for companies operating in the oil and gas industry to remain aware of the various types of Virgin Islands Amendments to Oil and Gas Lease, as they can impact the overall lease agreement and significantly influence the potential for continued resource exploration and development. Proper understanding and utilization of these amendments are essential in ensuring efficient and sustainable operations within the Virgin Islands.
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.