Bronx, New York is a diverse borough located in the northern part of New York City. It is known for its rich cultural heritage, vibrant neighborhoods, and significant contribution to the arts, music, and film industries. The Bronx is also home to various parks, educational institutions, and iconic landmarks such as Yankee Stadium and the Bronx Zoo. In relation to the topic of the "Partial Release of Oil and Gas Lease As to Depth" in the Bronx, this refers to a legal document that grants permission to extract and explore oil and gas resources within a specified area within the borough. This release typically outlines the depth restrictions involved in the extraction process. There may be different types of Bronx New York Partial Release of Oil and Gas Lease As to Depth, such as: 1. Primary Lease: This type includes the primary terms and conditions for the lease, outlining the specific depth restrictions for oil and gas extraction. 2. Secondary Lease: This might refer to additional agreements or amendments made to the primary lease, specifically addressing depth limitations for specific areas within the borough. 3. Specific Depth Release: In some cases, a partial release document may be tailored to release oil and gas rights only for a specific depth level, allowing for more efficient and controlled exploration. It is important to note that the rules and regulations surrounding oil and gas leasing can vary based on local and state laws. Therefore, individuals or companies interested in engaging in such activities in the Bronx should consult with relevant legal professionals or authorities for accurate information and compliance. Keywords: Bronx, New York, borough, cultural heritage, neighborhoods, arts, music, film industry, parks, educational institutions, Yankee Stadium, Bronx Zoo, Partial Release of Oil and Gas Lease, depth restrictions, legal document, extraction, resources, primary lease, secondary lease, specific depth release, rules, regulations, compliance.
Bronx New York Partial Release of Oil and Gas Lease As to Depth
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FAQ
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.
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 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.
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.
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.
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.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
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.
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.
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.
