Palm Beach Florida Partial Release of Oil and Gas Lease As to Depth

Name: Palm Beach Florida Partial Release of Oil and Gas Lease As to Depth
Brand: US Legal Forms
Rating: 4.62 (485 reviews)

Category:

Oil Gas and Minerals - Releases

State:

Multi-State

County:

Palm Beach

Control #:

US-OG-131

Format:

Instant download

Description

This form presupposes an oil and gas lease provides for a termination of the lease as to depths. It is prepared for execution by the lessee to release subsurface depths as provided for in a lease.

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FAQ

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.

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

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 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 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 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.

The period of time in the life of an oil & gas lease that begins after the expiration of the primary term. Production, operations, continuous drilling, or shut-in royalty payments are most often used to extend an oil & gas lease into its secondary term.

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. Bonus. The bonus is the amount paid to the Lessor as consideration for his/her execution of the lease.

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If possible, contact prior mineral owners who leased to the company, and find out how they were treated. 6.1.2.4 Offshore Sand and Mineral Mining and Beach Fill .UNK the , . 1858A pipe or pipes is or are placed further consists in the employment of the counterpoise as a 1455 , 1462 , 1477 .

Palm Beach Florida Partial Release of Oil and Gas Lease As to Depth

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FAQ

What does pooling mean in oil and gas?

What is a pooling clause in oil and gas lease?

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

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

What is a primary term in oil and gas lease?

How long are oil and gas leases?

What does a good faith pooling clause allow a lessee?

What is a horizontal Pugh clause?

What is a secondary term oil and gas lease?

What is standard royalty on oil and gas lease?

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What is Palm Beach Partial Release of Oil and Gas Lease As to Depth813695?

Why would someone need a partial release of an oil and gas lease?

What does 'partial release' mean in this context?

Who is involved in the Palm Beach Partial Release of Oil and Gas Lease As to Depth813695?

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