What is an oil and gas lease?

An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.

When did Pugh clauses start?

Pugh, who first used such a clause in 1947 to prevent the holding of non-pooled acreage in his client's lease while only certain portions of the lease acreage were being held under pooling agreements.

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Amendment to Oil and Gas Lease to Amend Land Description to include...

Queens New York Amendment to Oil and Gas Lease to Amend Land Description to include Additional Lands

Name: Queens New York Amendment to Oil and Gas Lease to Amend Land Description to include Additional Lands
Brand: US Legal Forms
Rating: 4.65 (393 reviews)

Category:

Oil Gas and Minerals - Amendments

State:

Multi-State

County:

Queens

Control #:

US-OG-081

Format:

Instant download

Description

A lessor and lessee may desire to amend an existing lease to include additional lands. This form addresses that situation.

POSSESSION OF A CONTROLLED SUBSTANCE

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How to fill out Queens New York Amendment To Oil And Gas Lease To Amend Land Description To Include Additional Lands?

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FAQ

The Mineral Leasing Act of 1920, as amended, and the Mineral Leasing Act for Acquired Lands of 1947, as amended, give the Bureau of Land Management (BLM) responsibility for oil and gas leasing on about 564 million acres of BLM, national forest, and other Federal lands, as well as State and private surface lands where

(a) (1) Any lease of oil or natural gas rights or any other conveyance of any kind separating such rights from the freehold estate of land shall expire at the end of ten (10) years from the date executed, unless, at the end of such ten (10) years, natural gas or oil is being produced from such land for commercial

Generally, a pooling clause will allow the leased premises to be combined with other lands to form a drilling unit, wherein proceeds from production anywhere on the drilling unit are allocated according to the percentage of the acreage of each tract divided by the total acreage of the drilling unit.

An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.

Pugh, who first used such a clause in 1947 to prevent the holding of non-pooled acreage in his client's lease while only certain portions of the lease acreage were being held under pooling agreements.

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.

The horizontal Pugh clause operates to release all lands not included in a pooled unit, typically at the end of the primary term or after cessation of continuous drilling operations, if the lease provides for same. The horizontal Pugh clause releases land at the surface as to all depths.

The royalty. It is typically expressed as a fraction or a percentage. For many years, almost all oil and gas leases reserved a 1/8th royalty. Today, the royalty fraction is negotiable, and is usually between 1/8th and 1/4th.

A Pugh Clause is meant to prevent a lessee from declaring all lands under an oil and gas lease as being held by production, even if production only occurs on a fraction of the property.

In times of a low natural gas prices and reduced drilling, Lease Amendments, Modifications and Ratifications may become common. Gas companies may attempt to revive or restore a expired lease by presenting the royalty owner with a Lease Modification and Amendment.

The BLM generally issues two types of leases for oil and gas exploration and development on lands owned or controlled by the Federal government -- competitive and noncompetitive.

More info

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Queens New York Amendment to Oil and Gas Lease to Amend Land Description to include Additional Lands

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How to fill out Queens New York Amendment To Oil And Gas Lease To Amend Land Description To Include Additional Lands?

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FAQ

Which two acts have the BLM responsibility for oil and gas leasing?

What is the maximum term for an oil and gas lease?

What is a pooling clause in oil and gas lease?

What is an oil and gas lease?

When did Pugh clauses start?

What does a Pugh clause do?

What is a horizontal Pugh clause?

What is standard royalty on oil and gas lease?

What is a Pugh clause in an oil and gas lease?

What is an amendment of oil and gas lease?

What are the two types of leases for oil and gas exploration that the BLM offer?

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