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.

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Amendment to Oil and Gas Lease to Correct Land Description

Wake North Carolina Amendment to Oil and Gas Lease to Correct Land Description

Name: Wake North Carolina Amendment to Oil and Gas Lease to Correct Land Description
Brand: US Legal Forms
Rating: 4.83 (383 reviews)

Category:

Oil Gas and Minerals - Amendments

State:

Multi-State

County:

Wake

Control #:

US-OG-083

Format:

Instant download

Description

If the description of lands contained in a lease is incorrect, rather than entering into a new lease, the existing lease may be amended, with the amendment providing the correct description of lands the lessor and lessee intended to be covered by the lease. This form addresses that situation.

Wake North Carolina Amendment to Oil and Gas Lease to Correct Land Description is a legal document that is used to rectify any errors or clarifications related to the description of the leased land in an oil and gas lease agreement. The amendment is designed to accurately represent the specific boundaries, acreage, or any relevant information pertaining to the property. The Wake North Carolina Amendment to Oil and Gas Lease serves as an addendum to the initial lease agreement and aims to ensure the correct identification and understanding of the property being leased. By addressing any discrepancies or inaccuracies in the original lease, this amendment provides clarity for both the lessor and the lessee. Keywords: Wake North Carolina, Amendment, Oil and Gas Lease, Correct, Land Description, legal document, errors, clarifications, description, leased land, lease agreement, rectify, boundaries, acreage, property, addendum, initial lease, identification, inaccuracies, discrepancy, lessor, lessee. Different types of Wake North Carolina Amendment to Oil and Gas Lease to Correct Land Description may include: 1. Wake North Carolina Amendment to Oil and Gas Lease to Correct Boundary Description: This type of amendment is used when the description of the boundaries of the leased land needs correction or clarification. 2. Wake North Carolina Amendment to Oil and Gas Lease to Correct Acreage Description: This amendment is utilized when there is an error or discrepancy in the acreage mentioned in the original lease agreement. 3. Wake North Carolina Amendment to Oil and Gas Lease to Correct Legal Description: This type of amendment is necessary when the legal description of the leased land is inaccurate or needs to be revised. 4. Wake North Carolina Amendment to Oil and Gas Lease to Correct Parcel Description: This amendment is used when there are multiple parcels of land involved in the lease, and the description of one or more of these parcels needs to be corrected. 5. Wake North Carolina Amendment to Oil and Gas Lease to Correct Property Description: This type of amendment is employed when there are errors or omissions related to the overall property description mentioned in the initial lease agreement. By utilizing Wake North Carolina Amendment to Oil and Gas Lease to Correct Land Description, both parties can ensure that the lease agreement accurately reflects the intended property and avoids any potential disputes or misunderstandings in the future.

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FAQ

A pooling clause expands the granting clause by giving a lessee the authority to determine whether to pool. This authority, however, is not unfettered. Many disputes have arisen through the years as to whether a lessee has properly exercised his discretion and authority under a pooling clause.

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.

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.

Pooling is the combination of all or portions of multiple oil and gas leases to form a unit for the drilling of a single oil and/or gas well. The unit is generally one or a combination of government survey quarter-quarter sections.

Pooling refers to joining together enough acreage to allow issuance of a drilling permit for a single well. Unitization refers to joining together large areas such as an entire reservoir or field to optimize operations, introduce efficiencies, and reduce costs. Both pooling and unitization can be voluntary or forced.

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.

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.

(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

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Wake North Carolina Amendment to Oil and Gas Lease to Correct Land Description

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FAQ

What does a good faith pooling clause allow a lessee?

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