What is a retained acreage clause?

Loosely speaking, retained-acreage clauses provide that at the end of a period of time or upon the conclusion of certain activity, the lessee or assignee's oil-and-gas rights will terminate except as to those interests designated in the contract as being retainedor earnedby development.

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Amendment to Oil and Gas Lease With Amendments to Be inserted in Form

Orange California Amendment to Oil and Gas Lease With Amendments to Be inserted in Form

Name: Orange California Amendment to Oil and Gas Lease With Amendments to Be inserted in Form
Brand: US Legal Forms
Rating: 4.87 (235 reviews)

Category:

Oil Gas and Minerals - Leases

State:

Multi-State

County:

Orange

Control #:

US-OG-335

Format:

Instant download

Description

This form is used when the Lessor has agreed to reduce the delay rentals provided for in the Lease, insofar as the Lease covers Lessor's mineral interest in the Lands.

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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.

The purpose of the amendments is to authorize overriding royalties or payments out of production on oil and gas leases of Indian lands. Such royalties or payments are those paid to a lessee or leaseholder when a lease is assigned and are in addition to the royalties or payments paid to the lessor or landowner.

The implied covenant is a tool of contract interpretation meant to ensure that the parties' reasonable expectations are fulfilled. The implied covenant prevents a party to a contract from violating the spirit of the contract, even if the contract does not expressly prohibit the party's actions.

Generally, a pooling clause will allow the leased premises to be combined with other lands to form a drilling unit, wherein proceeds from production anywhere on the drilling unit are allocated according to the percentage of the acreage of each tract divided by the total acreage of the drilling unit.

Other commentators have described these implied obligations as a duty to (1) develop the lease, (2) protect the lease against drainage, (3) market production, and (4) act as a reasonably prudent operator. Courts have held that these obligations are implied in every lease unless the lease expressly disclaims the duties.

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.

Under communitization agreements (also called drilling agreements), operators who cannot independently develop separate tracts due to well-spacing or well development programs may cooperatively develop such tracts.

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.

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.

Loosely speaking, retained-acreage clauses provide that at the end of a period of time or upon the conclusion of certain activity, the lessee or assignee's oil-and-gas rights will terminate except as to those interests designated in the contract as being retainedor earnedby development.

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As Amendment 9 was a package of two constitutional amendments, voters could not approve one and reject the other. One lease addendum example might be that in the original lease agreement, the landlord promised to pay for basic cable as part of the rental agreement.Rig, under lease to BP, was putting the finishing touches on the oil company's. 18,000-foot-deep Macondo well when it blew out and escaping methane gas. Subsequent amendments have broadened its scope. The law provides a locally initiated mechanism for creating agricultural districts. Senate to the bill (H. Right-of-Way Leasing Act of 1930, as amended, and the. These changes have resulted in a more balanced economy for Vietnam. It was less dependent on agriculture for employment in 2017 than it was in 2007.

Orange California Amendment to Oil and Gas Lease With Amendments to Be inserted in Form

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FAQ

What does production mean in an oil and gas lease?

What is an amendment of oil and gas lease?

What covenants are implied?

What is a pooling clause?

What are the implied covenants in an oil and gas lease?

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

What is a Communitization agreement?

What does a Pugh clause do?

What is a horizontal Pugh clause?

What is a retained acreage clause?

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What is the purpose of the Orange Amendment to Oil and Gas Lease?

What are common amendments people make with the Orange Amendment?

How can I insert the Orange Amendment into Form576144?

Is the Orange Amendment legally binding?

Can I use the Orange Amendment to completely cancel the oil and gas lease?

Do I need a lawyer to create or insert the Orange Amendment?

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