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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Ratification of Oil and Gas Lease (To Permit Pooling/Unitization)

Queens New York Ratification of Oil and Gas Lease (To Permit Pooling/Unitization)

Name: Queens New York Ratification of Oil and Gas Lease (To Permit Pooling/Unitization)
Brand: US Legal Forms
Rating: 4.82 (402 reviews)

Category:

Oil Gas and Minerals - Ratification

State:

Multi-State

County:

Queens

Control #:

US-OG-1100

Format:

Instant download

Description

This form is a ratification of an oil and gas lease to permit pooling/unitization.

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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.

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.

The primary term of a federal oil and gas lease is 10 years. The term is extended as long as the lease has at least one well capable of production. Leases do not authorize ground disturbance.

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.

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.

To ratify a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.

Unitization is the agreement to jointly operate an entire producing reservoir or a prospectively productive area of oil and/or gas. The entire unit area is operated as a single entity, without regard to lease boundaries, and allows for the maximum recovery of production from the reservoir.

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.

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Voluntary pooling can be achieved in a few ways: through a pooling clause within an oil and gas lease, a pooling agreement, or a community lease. Right now, in the Aristide government.(68) "Replacement Mineral Disposition" means a permit, lease, licence or other disposition issued, made or granted under the Indian Oil and Gas. (c) vested in a person who is the lessor under a leasing agreement.

Queens New York Ratification of Oil and Gas Lease (To Permit Pooling/Unitization)

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