This form is a Texas Lease agreement wherein Lessor grants, leases, and lets exclusively to Lessee the lands described within for the purposes of conducting seismic and geophysical operations, exploring, drilling, mining, and operating for, producing and owning oil, gas, sulfur, and all other minerals whether or not similar to those mentioned (collectively the oil or gas ), and the right to make surveys, lay pipelines, establish and utilize facilities for surface or subsurface disposal of salt water, construct roads and bridges, dig canals, build tanks, power stations, power lines, telephone lines, and other structures on the Lands, necessary or useful in Lessee's operations on the Lands or any other land adjacent to the Lands. This lease form also provides for pooling.
College Station Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provision is a contractual agreement commonly found in oil and gas leases in College Station, Texas. This provision allows for the temporary cessation of production due to specific circumstances while ensuring the payment of shut-in royalties to the lessor. The College Stations Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provision is primarily designed to protect the interests of both parties involved in the lease agreement. It ensures that the lessor continues to receive compensation even during periods of non-production, while also allowing the lessee to temporarily shut-in the well without the fear of lease termination. There are different types of College Station Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provisions, each catering to specific situations and conditions. Some common variations include: 1. Shut-In Royalty Provision for Temporary Operational Delays: This provision allows the lessee to shut-in the well for a specific duration due to operational delays such as equipment repair or maintenance. During this period, the lessor is entitled to receive a shut-in royalty payment, ensuring a steady stream of income. 2. Shut-In Royalty Provision for Market Conditions: In situations where market conditions make production unprofitable, this provision allows the lessee to shut-in the well. The lessor is compensated through shut-in royalty payments, protecting their financial interest until the market conditions improve. 3. Shut-In Royalty Provision for Regulatory Compliance: Certain regulatory requirements may necessitate temporary shut-ins of wells. This provision ensures that the lessor receives shut-in royalty payments during these periods, compensating them for potential disruptions in production. 4. Shut-In Royalty Provision for Force Mature Events: In cases of unforeseen events beyond the control of the lessee, such as natural disasters or civil unrest, this provision allows for the temporary shut-in of the well. The lessor receives shut-in royalty payments until the well can be safely restored to production. It is important to carefully review the terms and conditions of the College Station Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provision, as variations may exist depending on the specific lease agreement. This provision serves as an essential safeguard for both parties, ensuring fair compensation during temporary periods of non-production.
