This form is used when Seller and Buyer are entering into a Purchase and Sale Agreement including all of the Seller's rights, title and interests in and to the oil, gas and other minerals in and under and that may be produced from the lands described in Exhibit "A" including, without limitation, interests in oil, gas and/or mineral leases covering any part of the lands, overriding royalty interests, production payments, and net profits interests in any part of the lands or leases, fee royalty interests, fee mineral interests, and other interests in oil, gas and other minerals in any part of the lands.
The Harris Texas Purchase and Sale Agreement of Oil and Gas Properties and Related Assets is a legally binding contract typically used in the state of Texas to facilitate the transfer of ownership rights in oil and gas properties and their associated assets. This agreement involves two parties, namely the seller (current owner or operator) and the buyer (acquiring party). The following are some types of Harris Texas Purchase and Sale Agreements of Oil and Gas Properties and Related Assets commonly encountered: 1. Conventional Oil and Gas Properties: This type of agreement pertains to the sale and purchase of traditional oil and gas properties located in Harris County, Texas. It covers the transfer of operating interests, leasehold rights, mineral rights, production equipment, and related assets. 2. Non-Operated Working Interests: In this agreement, the seller transfers their non-operating interest in oil and gas properties, meaning they do not have control over the operations but still hold a share of the profits and bear a proportionate share of costs. 3. Royalty Interests: This agreement focuses exclusively on the sale and purchase of royalty interests in oil and gas properties. Royalty interest holders receive a percentage of the production revenue without being responsible for operating costs. 4. Overriding Royalty Interests: Similar to royalty interests, overriding royalty interests allow the holder to receive a percentage of production revenue. However, these interests are typically carved out of the working interest and do not carry the burden of operating costs. 5. Leasehold Assignments: This type of agreement transfers the leasehold interest from the seller to the buyer. It includes the rights to explore, drill, and produce oil and gas on the leased property. 6. Surface and Mineral Estates: Often encountered in Texas due to the state's unique split estate system, this agreement involves the separation of surface and mineral rights. The sale and purchase of either the surface estate (land and improvements) or mineral estate (subsurface rights) are covered, or both together. The Harris Texas Purchase and Sale Agreement of Oil and Gas Properties and Related Assets usually includes essential elements such as purchase price, effective date, property description, negotiation of warranties, representations, and due diligence provisions. It also addresses the allocation of liabilities, taxes, and post-closing obligations. It is crucial for both parties to thoroughly understand the terms and consult legal professionals in order to protect their interests and comply with applicable laws and regulations.The Harris Texas Purchase and Sale Agreement of Oil and Gas Properties and Related Assets is a legally binding contract typically used in the state of Texas to facilitate the transfer of ownership rights in oil and gas properties and their associated assets. This agreement involves two parties, namely the seller (current owner or operator) and the buyer (acquiring party). The following are some types of Harris Texas Purchase and Sale Agreements of Oil and Gas Properties and Related Assets commonly encountered: 1. Conventional Oil and Gas Properties: This type of agreement pertains to the sale and purchase of traditional oil and gas properties located in Harris County, Texas. It covers the transfer of operating interests, leasehold rights, mineral rights, production equipment, and related assets. 2. Non-Operated Working Interests: In this agreement, the seller transfers their non-operating interest in oil and gas properties, meaning they do not have control over the operations but still hold a share of the profits and bear a proportionate share of costs. 3. Royalty Interests: This agreement focuses exclusively on the sale and purchase of royalty interests in oil and gas properties. Royalty interest holders receive a percentage of the production revenue without being responsible for operating costs. 4. Overriding Royalty Interests: Similar to royalty interests, overriding royalty interests allow the holder to receive a percentage of production revenue. However, these interests are typically carved out of the working interest and do not carry the burden of operating costs. 5. Leasehold Assignments: This type of agreement transfers the leasehold interest from the seller to the buyer. It includes the rights to explore, drill, and produce oil and gas on the leased property. 6. Surface and Mineral Estates: Often encountered in Texas due to the state's unique split estate system, this agreement involves the separation of surface and mineral rights. The sale and purchase of either the surface estate (land and improvements) or mineral estate (subsurface rights) are covered, or both together. The Harris Texas Purchase and Sale Agreement of Oil and Gas Properties and Related Assets usually includes essential elements such as purchase price, effective date, property description, negotiation of warranties, representations, and due diligence provisions. It also addresses the allocation of liabilities, taxes, and post-closing obligations. It is crucial for both parties to thoroughly understand the terms and consult legal professionals in order to protect their interests and comply with applicable laws and regulations.
