Dallas Texas Change of Land Description in Oil and Gas Lease

• Category: Texas Oil Gas and Minerals - Leases
• State: Texas
• County: Dallas
• Control #: TX-OG-036
• Format: Word; Rich Text

Description

This form is used to modify the description of the land in a lease that is granting the right to extract oil and gas from a specified piece of land. The Dallas Texas Change of Land Description in Oil and Gas Lease refers to the specific provisions within an oil and gas lease agreement that pertain to alterations or modifications in the description of the leased land. These changes primarily occur when additional acreage is acquired or removed from the original lease, or when the boundaries of the leased land need to be adjusted. One type of change of land description in an oil and gas lease is an Amendment to the Lease Agreement. This amendment is typically initiated when the lessor or the lessee wishes to modify the existing lease terms, including the description of the leased land. The amendment will outline in detail the changes to the land description, including any new metes and bounds, survey data, or maps related to the amended portion of the lease. Another type is the Rental Adjustment Clause. This clause addresses situations where the leased land undergoes changes that affect its value and subsequently impact the rental amount to be paid by the lessee. The rental adjustment may be triggered by factors such as the addition or exclusion of acreage, changes in land use, or alterations to the property boundaries. The lease document will explicitly outline the method by which the rental adjustment will be determined, such as through appraisal, negotiation, or an agreed-upon formula. The need for a change of land description can also arise in cases of Royalty Adjustment. This occurs when the production from the leased land changes due to factors such as the inclusion or exclusion of acreage, modifications to the reservoir boundaries, or the discovery of additional oil and gas reserves within or around the leased area. In such cases, the lease agreement will stipulate the terms for adjusting the royalty payments based on the variations in the land's production potential. Keywords: Dallas Texas, Change of Land Description, Oil and Gas Lease, Amendment to the Lease Agreement, Rental Adjustment Clause, Royalty Adjustment, leased land, acreage, boundaries, metes and bounds, survey data, maps, rental amount, land use, property boundaries, production, reservoir boundaries, oil and gas reserves, royalty payments, production potential.

The Dallas Texas Change of Land Description in Oil and Gas Lease refers to the specific provisions within an oil and gas lease agreement that pertain to alterations or modifications in the description of the leased land. These changes primarily occur when additional acreage is acquired or removed from the original lease, or when the boundaries of the leased land need to be adjusted. One type of change of land description in an oil and gas lease is an Amendment to the Lease Agreement. This amendment is typically initiated when the lessor or the lessee wishes to modify the existing lease terms, including the description of the leased land. The amendment will outline in detail the changes to the land description, including any new metes and bounds, survey data, or maps related to the amended portion of the lease. Another type is the Rental Adjustment Clause. This clause addresses situations where the leased land undergoes changes that affect its value and subsequently impact the rental amount to be paid by the lessee. The rental adjustment may be triggered by factors such as the addition or exclusion of acreage, changes in land use, or alterations to the property boundaries. The lease document will explicitly outline the method by which the rental adjustment will be determined, such as through appraisal, negotiation, or an agreed-upon formula. The need for a change of land description can also arise in cases of Royalty Adjustment. This occurs when the production from the leased land changes due to factors such as the inclusion or exclusion of acreage, modifications to the reservoir boundaries, or the discovery of additional oil and gas reserves within or around the leased area. In such cases, the lease agreement will stipulate the terms for adjusting the royalty payments based on the variations in the land's production potential. Keywords: Dallas Texas, Change of Land Description, Oil and Gas Lease, Amendment to the Lease Agreement, Rental Adjustment Clause, Royalty Adjustment, leased land, acreage, boundaries, metes and bounds, survey data, maps, rental amount, land use, property boundaries, production, reservoir boundaries, oil and gas reserves, royalty payments, production potential.