The Hennepin County, Minnesota Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term is a legal document that allows mineral rights holders to extend their existing lease beyond the initial primary term by demonstrating productive activity on the leased property. This affidavit is particularly relevant in Hennepin County, Minnesota, which is known for its rich deposits of oil and natural gas. By filing the Hennepin Minnesota Affidavit of Production, mineral rights holders can provide evidence of consistent and continuous production from the leased property, ensuring the lease remains active and allowing them to continue extracting valuable resources. It is an essential document for those involved in oil and gas exploration, drilling, and extraction activities in Hennepin County. This type of affidavit stands as a key resource for individuals and companies seeking to maintain their leasehold rights and maximize the potential of their oil and gas assets. By requesting an extension beyond the primary term, they can secure an extended period of time to continue their operations without the risk of losing the lease and their investment. It is important to note that there may be several variations or types of the Hennepin Minnesota Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term, depending on specific requirements or amendments laid out by the relevant authorities or parties involved. These different versions may include variations in wording, format, or additional clauses to reflect specific conditions and conform to unique legal situations. In summary, the Hennepin County, Minnesota Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term is a crucial legal document for individuals and companies involved in oil and gas operations in Hennepin County. By filing this affidavit, they can establish their production activities and secure the extension of their lease beyond the primary term, ensuring the continuing exploration and extraction of oil and gas resources.
Hennepin Minnesota Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term
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How to fill out Hennepin Minnesota Affidavit Of Production To Extend Oil And Gas Lease Beyond Primary Term?
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FAQ
"Held by production" is a provision in an oil or natural gas property lease that allows the lessee, generally an energy company, to continue drilling activities on the property as long as it is economically producing a minimum amount of oil or gas.
(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 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.
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 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.
Held by production is an oil & gas industry term indicating a property is under lease and that the lease is being perpetuated in the secondary term by the production of oil or gas in paying quantities. An oil & gas may be in HBP status for many years if the wells located on the leased land keep producing.
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.
In times of a low natural gas prices and reduced drilling, Lease Amendments, Modifications and Ratifications may become common. Gas companies may attempt to revive or restore a expired lease by presenting the royalty owner with a Lease Modification and Amendment.
