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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Assignment of Oil and Gas Lease by Original Lessee...

Kings New York Assignment of Oil and Gas Lease by Original Lessee, Short Form

Name: Kings New York Assignment of Oil and Gas Lease by Original Lessee, Short Form
Brand: US Legal Forms
Rating: 4.56 (378 reviews)

Category:

Oil Gas and Minerals - Assignments

State:

Multi-State

County:

Kings

Control #:

US-OG-277

Format:

Instant download

Description

This form is used when Assignor sells, conveys, and assigns to Assignee, all of Assignor's rights, title and interests in the Lease, without warranty of title, express or implied.

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FAQ

An Assignment of an Oil, Gas and Mineral Lease is a document in which the original Lessee, and or their successors, assign either all or part of their working interest and/or net revenue interest that they own in that lease. This is leasehold interest. You can also assign or reserve interest in wellbores.

The three most common types of leases are gross leases, net leases, and modified gross leases. The Gross Lease. The gross lease tends to favor the tenant.The Net Lease. The net lease, however, tends to favor the landlord.The Modified Gross Lease.Find the Lease for Your Business.

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 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.

In general terms, the Pugh Clause provides that production from a unitized or pooled area located on or including a portion of the leased lands will not be sufficient to extend the primary term for the entire leasehold.

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. Bonus. The bonus is the amount paid to the Lessor as consideration for his/her execution of the 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.

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 horizontal Pugh clause operates to release all lands not included in a pooled unit, typically at the end of the primary term or after cessation of continuous drilling operations, if the lease provides for same. The horizontal Pugh clause releases land at the surface as to all depths.

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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The agreement may not be in the best interest of the lessor. Here are some facts to consider when presented with the form.Other, except for the Kings Gardens Apartments mortgage loan, as further described in the. Information Circular.

Kings New York Assignment of Oil and Gas Lease by Original Lessee, Short Form

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