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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Affidavit of Compliance with Terms of Oil and Gas Lease by Lessee

Santa Clara California Affidavit of Compliance with Terms of Oil and Gas Lease by Lessee

Name: Santa Clara California Affidavit of Compliance with Terms of Oil and Gas Lease by Lessee
Brand: US Legal Forms
Rating: 4.73 (481 reviews)

Category:

Oil Gas and Minerals - Affidavits

State:

Multi-State

County:

Santa Clara

Control #:

US-OG-177

Format:

Instant download

Description

An affidavit is statement of facts which is sworn to (or affirmed) before an officer who has authority to administer an oath (e.g. a notary public). This form is a declaration that the Lessee has complied with all of the terms of the Lease and deems the Lease, as to all of the lands covered by it, to be maintained and in force and effect as of the date of this Affidavit.

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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.

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 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.

To ratify a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.

Under Texas law, there is a rule of non-apportionment. It sets out that when the property is subdivided after the lease is already in place on the tract, the royalties are not apportioned but given to the royalty interest owner on whose property the well physically sits. Delay rentals however are apportioned.

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.

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.

(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

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Operating Lease Financing Arrangement. Ohio Oil Co., 57 Ohio St. 118 (1897).

Santa Clara California Affidavit of Compliance with Terms of Oil and Gas Lease by Lessee

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What is a primary term in oil and gas lease?

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

What is standard royalty on oil and gas lease?

What is an oil and gas lease?

What is a ratification of oil and gas lease?

What is the rule of non apportionment in Texas?

How long are oil and gas leases?

What is a secondary term oil and gas lease?

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

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What is a Santa Clara Affidavit of Compliance with Terms of Oil and Gas Lease by Lessee729831?

What does it mean to be in compliance with the terms of an oil and gas lease?

Who is responsible for filing the Santa Clara Affidavit of Compliance?

What happens if a lessee fails to comply with the terms of the oil and gas lease?

Is the Santa Clara Affidavit of Compliance a one-time requirement?

Can a lessee request an extension to submit the Santa Clara Affidavit of Compliance?

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