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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Release of Agreement Granting Option to Acquire Oil and Gas Lease

Bexar Texas Release of Agreement Granting Option to Acquire Oil and Gas Lease

Name: Bexar Texas Release of Agreement Granting Option to Acquire Oil and Gas Lease
Brand: US Legal Forms
Rating: 4.75 (263 reviews)

Category:

Oil Gas and Minerals - Releases

State:

Multi-State

County:

Bexar

Control #:

US-OG-119

Format:

Instant download

Description

If a mineral owner has entered into an option agreement granting a third party the right to conduct seismic surveys and acquire an oil and gas lease on lands, the parties may desire to terminate that agreement. This form addresses that situation.

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How to fill out Bexar Texas Release Of Agreement Granting Option To Acquire Oil And Gas Lease?

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FAQ

If there are separate tracts within a DSU with different owners, they must arrange to share the costs and revenues associated with drilling and producing a well from that spacing unit. This is known as a pooling agreement. In most cases, mineral holders negotiate voluntary pooling arrangements.

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.

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.

Forced Pooling in Texas - the Texas forced pooling statute is similar to the statutes of most states. The Texas Railroad Commission has authority to issue forced pooling orders. A mineral interest owner who is force pooled in Texas has essentially the same options as mineral owners in other states.

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.

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.

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.

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.

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.

An operating agreement is an agreement for sharing the costs and the rewards of an oil and gas operation. Parties to the agreement are the working interest owners of the leasehold estates in the lands upon which the operations are to be conducted.

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Bexar Texas Release of Agreement Granting Option to Acquire Oil and Gas Lease

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How to fill out Bexar Texas Release Of Agreement Granting Option To Acquire Oil And Gas Lease?

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FAQ

What is an oil and gas pooling agreement?

What is a ratification of oil and gas lease?

What does a Pugh clause do?

Does Texas have forced pooling?

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

When did Pugh clauses start?

What is a horizontal Pugh clause?

What is a pooling clause in oil and gas lease?

What is oil and gas unitization?

What is an oil and gas operating agreement?

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What is the Bexar Release of Agreement Granting Option to Acquire Oil and Gas Lease701773?

Who can apply for the Bexar Release of Agreement?

What does it mean to grant an option?

What is an oil and gas lease?

Can I transfer or sell the option granted by the Bexar Release of Agreement?

How long does the option to acquire the oil and gas lease last?

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