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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Surface Lease Agreement For Oil and Gas Facilities

Franklin Ohio Surface Lease Agreement For Oil and Gas Facilities

Name: Franklin Ohio Surface Lease Agreement For Oil and Gas Facilities
Brand: US Legal Forms
Rating: 4.66 (435 reviews)

Category:

Oil Gas and Minerals - Agreements

State:

Multi-State

County:

Franklin

Control #:

US-OG-153

Format:

Instant download

Description

This form provides for a surface owner to grant a lessee the right to make use of the surface of the lands for the purposes of establishing oil and gas related facilities.

How to fill out Franklin Ohio Surface Lease Agreement For Oil And Gas Facilities?

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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 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 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.

Most states and many private landowners require companies to pay royalty rates higher than 12.5%, with some states charging 20% or more, according to federal officials. The royalty rate for oil produced from federal reserves in deep waters in the Gulf of Mexico is 18.75%.

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.

A surface use agreement, which is also sometimes referred to as a land use agreement, is an agreement between the landowner and an oil and gas company or an operator for the use of the landowner's land in the development of the oil and gas.

The federal government charges oil and gas companies a royalty on hydrocarbon resources extracted from public lands. The standard Federal royalty payment was 12.5%, or a 1/8th royalty.

Most landowners choose to receive the royalty in cash at the posted price of the oil. A Lessor deciding to receive the oil as the royalty payment can market the oil royalty back to the Lessee for marketing and receive cash through that arrangement.

The annual rentals required under all oil and gas leases issued since December 22, 1987 is $1.50 per acre (or partial acre) for the first five lease years and $2.00 per acre (or partial acre) thereafter.

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Coke plants: Plants where coal is carbonized for the manufacture of coke in slot or beehive ovens. Additional special instructions for completing the bid form are also attached hereto.CAS 042335 and notified Franklin of assessments, actions, and penalties to be imposed for failure to comply with the bond requirement. Facilities in accordance with the requirements of the Master Lease and the WSSA Lease. (f). Energy and Water Conservation. To oil, gas, and other minerals leases, permits, licenses and operating contracts; and for matching grants or cooperative agreements;. The lease agreement requires the property to be managed consistent with a soil and water conservation plan. Resolution Approving Solar Lease Agreement between Adams County and.

Franklin Ohio Surface Lease Agreement For Oil and Gas Facilities

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