This form is used when the Lessee and the Lessor agree to amend the lease to extend the primary term from three years to six years. The terms and provisions of this amendment of the Lease is binding the the benefit of the Lessor and Lessee and their respecitve heirs, devisees, successors, and personal representatives.
The San Angelo Texas Amendment to Oil, Gas, and Mineral Lease refers to a legal document that modifies the terms and conditions of an existing lease agreement related to oil, gas, and mineral extraction activities in the San Angelo region of Texas, United States. This amendment is specifically tailored to address certain aspects and provisions of the original lease agreement while incorporating new terms or altering existing ones. By executing this amendment, both the lessor (the party who owns the property containing the oil, gas, or mineral resources) and the lessee (the party who holds the lease rights) agree to the updated terms and continue their working relationship. Keywords: San Angelo Texas, amendment, oil, gas, mineral lease, terms, conditions, lease agreement, extraction activities, lessor, lessee. Different Types of San Angelo Texas Amendment to Oil, Gas, and Mineral Lease: 1. Royalty Amendment: This type of amendment focuses on modifying the royalty rates paid to the lessor based on the extraction rates or market prices of oil, gas, or minerals. It may include provisions related to escalating or descending royalty percentages as production increases or decreases. 2. Extension Amendment: An extension amendment is used when the parties wish to extend the duration of the original lease agreement. It could involve changing the lease term, renewal options, or providing additional time for the lessee to conduct operations on the leased property. 3. Surface Use Amendment: This type of amendment deals with the surface rights of the property, addressing issues of access, usage, and compensation for surface damages caused by drilling, exploration, or extraction activities. It may outline specific rules and guidelines to protect the environment, water sources, or infrastructure. 4. Pooling and Unitization Amendment: Pooling and unitization amendments are employed when the lessor permits the combining of leasehold interests from multiple tracts or landowners to create larger drilling units that make operations more efficient. This amendment outlines the terms and requirements of pooling, such as fair apportionment of royalties, unit boundaries, and operational responsibilities. 5. Assignment or Subleasing Amendment: When a lessee intends to transfer or assign its lease rights to another party or sublease a portion of the leased property, an assignment or subleasing amendment is executed. It outlines the conditions, restrictions, and terms for such transactions while requiring the new lessee or sublessee to comply with the original lease agreement. These different types of amendments address specific aspects of the San Angelo Texas Oil, Gas, and Mineral Lease, allowing the parties involved to customize their lease agreements according to their unique requirements and circumstances.The San Angelo Texas Amendment to Oil, Gas, and Mineral Lease refers to a legal document that modifies the terms and conditions of an existing lease agreement related to oil, gas, and mineral extraction activities in the San Angelo region of Texas, United States. This amendment is specifically tailored to address certain aspects and provisions of the original lease agreement while incorporating new terms or altering existing ones. By executing this amendment, both the lessor (the party who owns the property containing the oil, gas, or mineral resources) and the lessee (the party who holds the lease rights) agree to the updated terms and continue their working relationship. Keywords: San Angelo Texas, amendment, oil, gas, mineral lease, terms, conditions, lease agreement, extraction activities, lessor, lessee. Different Types of San Angelo Texas Amendment to Oil, Gas, and Mineral Lease: 1. Royalty Amendment: This type of amendment focuses on modifying the royalty rates paid to the lessor based on the extraction rates or market prices of oil, gas, or minerals. It may include provisions related to escalating or descending royalty percentages as production increases or decreases. 2. Extension Amendment: An extension amendment is used when the parties wish to extend the duration of the original lease agreement. It could involve changing the lease term, renewal options, or providing additional time for the lessee to conduct operations on the leased property. 3. Surface Use Amendment: This type of amendment deals with the surface rights of the property, addressing issues of access, usage, and compensation for surface damages caused by drilling, exploration, or extraction activities. It may outline specific rules and guidelines to protect the environment, water sources, or infrastructure. 4. Pooling and Unitization Amendment: Pooling and unitization amendments are employed when the lessor permits the combining of leasehold interests from multiple tracts or landowners to create larger drilling units that make operations more efficient. This amendment outlines the terms and requirements of pooling, such as fair apportionment of royalties, unit boundaries, and operational responsibilities. 5. Assignment or Subleasing Amendment: When a lessee intends to transfer or assign its lease rights to another party or sublease a portion of the leased property, an assignment or subleasing amendment is executed. It outlines the conditions, restrictions, and terms for such transactions while requiring the new lessee or sublessee to comply with the original lease agreement. These different types of amendments address specific aspects of the San Angelo Texas Oil, Gas, and Mineral Lease, allowing the parties involved to customize their lease agreements according to their unique requirements and circumstances.
