Clark Nevada Partial Release of Oil and Gas Lease As to Depth is a legal document that releases a portion of an existing oil and gas lease in Clark County, Nevada, specifically relating to its depth limitations. This release allows the lessee (the party who holds the lease) to reduce the area of the lease that is subject to depth limitations, enabling them to explore and extract natural resources beyond the previously restricted depth levels. Key elements of a Clark Nevada Partial Release of Oil and Gas Lease As to Depth include the identification of the original lease, the specific portion of the lease being released, and the updated depth limitations applicable after the release. The document should also outline any conditions or additional terms agreed upon between the lessor (the entity granting the lease) and the lessee. It is important to note that there are different types of Clark Nevada Partial Release of Oil and Gas Lease As to Depth, based on the specific characteristics and requirements of individual leases. Some common variations may include: 1. Partial Release of Depth Restriction: This type of release allows the lessee to explore and produce oil and gas at depths beyond the original lease's limitations. It typically identifies the specific depth restrictions being freed and establishes new depth limitations after the release. 2. Partial Release of Depth Rights: In this case, the lessee relinquishes a portion of their rights concerning depth restrictions, ensuring flexibility in exploiting oil and gas reserves at different depths. The document clearly stipulates the modified depth rights and any new provisions surrounding depth restrictions. 3. Partial Release of Depth Acreage: Here, the lessee reduces the overall area subject to depth limitations while retaining the remaining acreage under the original lease intact. This release may be sought when the lessee wants to focus on specific deep-level oil and gas prospects within the lease. These different variations of Clark Nevada Partial Release of Oil and Gas Lease As to Depth accommodate the diverse objectives and considerations of oil and gas exploration companies operating in Clark County, Nevada. It is crucial for all parties involved to carefully review and understand the terms and implications of the release to ensure compliance with legal requirements and protection of their respective rights and interests.
Clark Nevada Partial Release of Oil and Gas Lease As to Depth
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FAQ
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.
An oil and gas lease is a hybrid property interest. For some purposes it can be considered a personal property and for other purposes it can be treated as real property. Under an oil and gas lease, the lessee holds the dominant property and the lessor holds the servient property.
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.
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.
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) (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 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.
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.
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.
