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.
The Edinburg Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provision refers to a specific clause in a rental lease agreement related to oil and gas production in Edinburg, Texas. This provision is designed to protect the rights and interests of both the lessors (property owners) and the lessees (oil and gas companies) in the event of a shut-in situation. Keywords: Edinburg Texas, Producers 88 (8/99), Rental Lease, Pooling, Shut-In, Royalty Provision Description: — Edinburg, Texas: Edinburg is a city located in Hidalgo County, Texas, known for its significant oil and gas production. — Producers 88 (8/99): Refers to a specific type of lease developed by Producers 88, an energy company specializing in oil and gas exploration and production. — Rental Lease: A contract between a lessor (property owner) and a lessee (oil and gas company) that grants the lessee the right to explore and extract oil and gas resources from the lessor's property. — Pooling: Pooling is the consolidation of oil and gas leasehold interests within a defined area to maximize production efficiency and minimize operational costs. — Shut-In: Refers to a situation where the production of oil and gas from a well is temporarily halted due to various reasons such as market conditions, operational issues, or significant decrease in oil and gas prices. — Royalty Provision: A clause in the lease agreement that outlines the terms and conditions for the payment of royalties to the lessor based on the production and sale of oil and gas. Types of Edinburg Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provisions: 1. Operating Expenses Coverage: This type of provision specifies the lessee's responsibility for covering the expenses associated with shutting in the well, including maintenance, repairs, and any required equipment upgrades. 2. Shut-In Royalty Payment: This provision outlines the compensation that the lessor will receive when a well is shut-in. It may be a fixed amount or a percentage of the agreed-upon royalty rate. 3. Shut-In Period: This provision establishes the duration of time for which the lessee can shut in the well without incurring any penalties or additional obligations. 4. Releasing Obligations: Some provisions require the lessee to release the property upon end of the shut-in period if the lessee chooses not to resume production. 5. Notification Requirements: This provision determines the obligation of the lessee to keep the lessor informed about the shut-in status, including the reasons for the shut-in and any anticipated timeline for resuming operations. Understanding the Edinburg Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provision in your oil and gas lease agreement is crucial as it ensures the fair treatment of both parties involved and lays out the necessary conditions during a potential shut-in scenario. It is advisable to consult with an attorney or industry professional to gain a comprehensive understanding of the specific provision in your lease agreement.The Edinburg Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provision refers to a specific clause in a rental lease agreement related to oil and gas production in Edinburg, Texas. This provision is designed to protect the rights and interests of both the lessors (property owners) and the lessees (oil and gas companies) in the event of a shut-in situation. Keywords: Edinburg Texas, Producers 88 (8/99), Rental Lease, Pooling, Shut-In, Royalty Provision Description: — Edinburg, Texas: Edinburg is a city located in Hidalgo County, Texas, known for its significant oil and gas production. — Producers 88 (8/99): Refers to a specific type of lease developed by Producers 88, an energy company specializing in oil and gas exploration and production. — Rental Lease: A contract between a lessor (property owner) and a lessee (oil and gas company) that grants the lessee the right to explore and extract oil and gas resources from the lessor's property. — Pooling: Pooling is the consolidation of oil and gas leasehold interests within a defined area to maximize production efficiency and minimize operational costs. — Shut-In: Refers to a situation where the production of oil and gas from a well is temporarily halted due to various reasons such as market conditions, operational issues, or significant decrease in oil and gas prices. — Royalty Provision: A clause in the lease agreement that outlines the terms and conditions for the payment of royalties to the lessor based on the production and sale of oil and gas. Types of Edinburg Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provisions: 1. Operating Expenses Coverage: This type of provision specifies the lessee's responsibility for covering the expenses associated with shutting in the well, including maintenance, repairs, and any required equipment upgrades. 2. Shut-In Royalty Payment: This provision outlines the compensation that the lessor will receive when a well is shut-in. It may be a fixed amount or a percentage of the agreed-upon royalty rate. 3. Shut-In Period: This provision establishes the duration of time for which the lessee can shut in the well without incurring any penalties or additional obligations. 4. Releasing Obligations: Some provisions require the lessee to release the property upon end of the shut-in period if the lessee chooses not to resume production. 5. Notification Requirements: This provision determines the obligation of the lessee to keep the lessor informed about the shut-in status, including the reasons for the shut-in and any anticipated timeline for resuming operations. Understanding the Edinburg Texas Producers 88 (8/99) Rental Lease Pooling Shut-In Royalty Provision in your oil and gas lease agreement is crucial as it ensures the fair treatment of both parties involved and lays out the necessary conditions during a potential shut-in scenario. It is advisable to consult with an attorney or industry professional to gain a comprehensive understanding of the specific provision in your lease agreement.
