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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Release of Oil and Gas Lease - Full Release

Pima Arizona Release of Oil and Gas Lease - Full Release

Name: Pima Arizona Release of Oil and Gas Lease - Full Release
Brand: US Legal Forms
Rating: 4.69 (372 reviews)

Category:

Oil Gas and Minerals - Releases

State:

Multi-State

County:

Pima

Control #:

US-OG-126

Format:

Instant download

Description

This is a form of release of oil and gas lease.

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Definition of oil and gas lease : a deed by which a landowner authorizes exploration for and production of oil and gas on his land usually in consideration of a royalty.

(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

The BLM generally issues two types of leases for oil and gas exploration and development on lands owned or controlled by the Federal government -- competitive and noncompetitive.

The Mineral Leasing Act of 1920, as amended, and the Mineral Leasing Act for Acquired Lands of 1947, as amended, give the Bureau of Land Management (BLM) responsibility for oil and gas leasing on about 564 million acres of BLM, national forest, and other Federal lands, as well as State and private surface lands where

The leases issued by BLM have a primary term of ten years. This is the period of time during which the lessee may explore for oil and gas deposits and attempt to bring them into production. If the lessee has begun drilling by the end of the ten-year term, the lease term may be extended by two years.

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.

The royalty. It is typically expressed as a fraction or a percentage. For many years, almost all oil and gas leases reserved a 1/8th royalty. Today, the royalty fraction is negotiable, and is usually between 1/8th and 1/4th.

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.

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.

The primary term is the initial period during which a well may be drilled. If a successful well is drilled within the primary term, the lease will extend for as long as the well remains productive. If a well is not drilled within the primary term, the lease will usually expire.

Pima Arizona Release of Oil and Gas Lease - Full Release

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What are oil leases?

What is the maximum term for an oil and gas lease?

What are the two types of leases for oil and gas exploration that the BLM offer?

Which two acts have the BLM responsibility for oil and gas leasing?

What is federal oil and gas leasing?

What is an oil and gas lease?

What is standard royalty on oil and gas lease?

How long are oil and gas leases?

What is an amendment of oil and gas lease?

What is a primary term in oil and gas lease?

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