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

Wake North Carolina Surface Lease Agreement For Oil and Gas Facilities

Name: Wake North Carolina 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:

Wake

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.

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How to fill out Wake North Carolina Surface Lease Agreement For Oil And Gas Facilities?

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FAQ

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.

(Entry 1 of 2) 1 : a contract by which one conveys real estate, equipment, or facilities for a specified term and for a specified rent took out a five-year lease on the house also : the act of such conveyance or the term for which it is made. 2 : a piece of land or property that is leased.

The broadest contractual limitation is a surface waiver agreement through which the owner of the mineral estate waives the right to use the surface of the land where the project is located. Mineral owners may not be inclined to sign such a broad limitation.

The Standard Producers 88 Oil, Gas, and Mineral Lease, also known as the printed form, is the most widely used access and granting document in use by the Oil and Gas exploration industry in America.

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 use and occupancy agreement - sometimes referred to as a U&O - is a temporary agreement between the buyer and the seller that allows one party the right to use and occupy the property for a set period of time.

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.

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.

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.

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Wake North Carolina Surface Lease Agreement For Oil and Gas Facilities

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