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)

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

Name: Tarrant Texas 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:

Tarrant

Control #:

US-OG-1100

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Description

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

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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.

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.

Under Texas law, there is a rule of non-apportionment. It sets out that when the property is subdivided after the lease is already in place on the tract, the royalties are not apportioned but given to the royalty interest owner on whose property the well physically sits. Delay rentals however are apportioned.

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.

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.

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.

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 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.

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.

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A jury trial of claims arising out of or relating to oil and gas leases, division orders, farmout agreements, pooling agreements, operating agreements and. WEBSTER DIST 45.See also J. Weaver, Unitization of Oil and Gas Fields in Texas 173–200 (1986). We are working toward completing the Sale as quickly as possible.

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

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