What is a retained acreage clause?

Loosely speaking, retained-acreage clauses provide that at the end of a period of time or upon the conclusion of certain activity, the lessee or assignee's oil-and-gas rights will terminate except as to those interests designated in the contract as being retainedor earnedby development.

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Ratification of Oil and Gas Lease by Party Claiming An Outstanding or...

San Jose California Ratification of Oil and Gas Lease by Party Claiming An Outstanding or Adverse Interest

Name: San Jose California Ratification of Oil and Gas Lease by Party Claiming An Outstanding or Adverse Interest
Brand: US Legal Forms
Rating: 4.86 (252 reviews)

Category:

Oil Gas and Minerals - Ratification

State:

Multi-State

City:

San Jose

Control #:

US-OG-115

Format:

Instant download

Description

This form addresses a situation in which a party may claim an interest in minerals, but a dispute exists as to that partys title. By executing a ratification, this allows the lessee to an oil and gas lease to proceed with its exploration activities, without concern that there may an unleased interest.

How to fill out San Jose California Ratification Of Oil And Gas Lease By Party Claiming An Outstanding Or Adverse Interest?

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FAQ

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.

An entireties clause usually states that even if the leased premises are subsequently divided, the land will still be developed and operated as one lease and the royalties will be divided proportionately amongst the owners of the leased acreage. Montgomery v. Rittersbacher, 424 S.W. 2d 210, 212 (Tex.

An oil lease is essentially an agreement between parties to allow a Lessee (the oil and gas company and their production crew) to have access to the property and minerals (oil and gas) on the property of the Lessor. The lease agreement is a legal contract of terms.

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.

The purpose of the amendments is to authorize overriding royalties or payments out of production on oil and gas leases of Indian lands. Such royalties or payments are those paid to a lessee or leaseholder when a lease is assigned and are in addition to the royalties or payments paid to the lessor or landowner.

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.

Other commentators have described these implied obligations as a duty to (1) develop the lease, (2) protect the lease against drainage, (3) market production, and (4) act as a reasonably prudent operator. Courts have held that these obligations are implied in every lease unless the lease expressly disclaims the duties.

Loosely speaking, retained-acreage clauses provide that at the end of a period of time or upon the conclusion of certain activity, the lessee or assignee's oil-and-gas rights will terminate except as to those interests designated in the contract as being retainedor earnedby development.

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PARTIES : United Mexican States, United States of America. 201 United Oil and Gas Consortium Management Corp.It is unreasonable to expect simple conclusions. Drawing up of the UNIDROIT Principles of International Commercial. Contracts. This achievement represents the outcome of many years of. Offshore interests in the Mediterranean Sea . For members of the public wishing to submit comment in connection with the Budget and. , leases for oil and gas exploration). -- Sao Paulo : PwC, 2013. Lands, interest therein, to Federal or State agencies for conservation purposes.

San Jose California Ratification of Oil and Gas Lease by Party Claiming An Outstanding or Adverse Interest

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How to fill out San Jose California Ratification Of Oil And Gas Lease By Party Claiming An Outstanding Or Adverse Interest?

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FAQ

What is an oil and gas lease ratification?

What is the purpose of an entireties clause in an oil and gas lease covering Texas Land?

What is an oil lease and how is it done?

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

What is an amendment of oil and gas lease?

What is a pooling clause?

What does a Pugh clause do?

What are the implied covenants in an oil and gas lease?

What is a retained acreage clause?

Interesting Questions

What is the San Jose Ratification of Oil and Gas Lease by Party Claiming An Outstanding or Adverse Interest491957?

Who can claim an outstanding or adverse interest in an oil and gas lease?

Why would someone want to ratify their outstanding or adverse interest in an oil and gas lease?

How does the San Jose Ratification process work?

What kind of evidence is required to support an outstanding or adverse interest claim?

Are there any fees involved in the ratification process?

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