Philadelphia Pennsylvania Exhibit Schedule of Oil and Gas Leases Form 2

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: Philadelphia
• Control #: US-OG-525
• Format: Word; Rich Text

Description

This Exhibit provides a schedule of oil and gas leases subject to the Operating Agreement. The Philadelphia Pennsylvania Exhibit Schedule of Oil and Gas Leases Form 2 is a crucial document used in the energy industry to outline the details and terms of oil and gas lease agreements within the Philadelphia area of Pennsylvania. This form serves as a comprehensive schedule and record of leases, providing valuable information and facilitating the efficient management of oil and gas exploration and production. The Philadelphia Pennsylvania Exhibit Schedule of Oil and Gas Leases Form 2 adheres to the regulations and requirements set forth by the state and local authorities. It includes several key sections that capture essential data related to the leases and acts as a legally binding agreement between the lessor (landowner) and the lessee (oil and gas company). The form typically encompasses various fields, such as: 1. Lease Identification: This section provides a unique identification number or code for each lease agreement, enabling easy tracking and reference. 2. Lessor Information: Here, the name, contact details, and address of the lessor are recorded. It ensures accurate identification and communication between the parties involved. 3. Lessee Information: Similarly, this section captures the lessee's name, contact details, and address, facilitating efficient communication and correspondence throughout the lease term. 4. Lease Terms and Duration: This part outlines the terms and conditions of the lease, including the start and end dates, renewal options, and any significant clauses or restrictions. 5. Description of Premises: In this section, the geographical boundaries and legal description of the leased land are specified, ensuring clarity regarding the exact location covered by the lease. 6. Lease Consideration and Royalties: Here, the financial aspects of the lease are detailed, covering the upfront lease consideration (bonus) paid to the lessor and the subsequent royalties payable based on production or revenue generated. 7. Stipulations and Obligations: This section highlights any specific obligations or requirements that both parties must adhere to during the lease term. It may include provisions related to environmental regulations, development obligations, and access rights. 8. Assignments and Amendments: If any assignments or amendments have been made to the original lease, this portion documents the changes made and the effective dates of such modifications. Different variations or types of the Philadelphia Pennsylvania Exhibit Schedule of Oil and Gas Leases Form 2 may exist based on the specific requirements or preferences of regulatory bodies, companies, or landowners. These variations could be customized versions of the form that include additional sections or data fields to fulfill specific reporting or compliance needs. For example, there might be a "Philadelphia Pennsylvania Exhibit Schedule of Oil and Gas Leases Form 2A" designated for offshore leases or a "Philadelphia Pennsylvania Exhibit Schedule of Oil and Gas Leases Form 2B" specifically tailored for leases involving unconventional extraction methods such as hydraulic fracturing (fracking). These variations would cater to unique circumstances or the evolving regulatory landscape to ensure accurate and comprehensive documentation.

The Philadelphia Pennsylvania Exhibit Schedule of Oil and Gas Leases Form 2 is a crucial document used in the energy industry to outline the details and terms of oil and gas lease agreements within the Philadelphia area of Pennsylvania. This form serves as a comprehensive schedule and record of leases, providing valuable information and facilitating the efficient management of oil and gas exploration and production. The Philadelphia Pennsylvania Exhibit Schedule of Oil and Gas Leases Form 2 adheres to the regulations and requirements set forth by the state and local authorities. It includes several key sections that capture essential data related to the leases and acts as a legally binding agreement between the lessor (landowner) and the lessee (oil and gas company). The form typically encompasses various fields, such as: 1. Lease Identification: This section provides a unique identification number or code for each lease agreement, enabling easy tracking and reference. 2. Lessor Information: Here, the name, contact details, and address of the lessor are recorded. It ensures accurate identification and communication between the parties involved. 3. Lessee Information: Similarly, this section captures the lessee's name, contact details, and address, facilitating efficient communication and correspondence throughout the lease term. 4. Lease Terms and Duration: This part outlines the terms and conditions of the lease, including the start and end dates, renewal options, and any significant clauses or restrictions. 5. Description of Premises: In this section, the geographical boundaries and legal description of the leased land are specified, ensuring clarity regarding the exact location covered by the lease. 6. Lease Consideration and Royalties: Here, the financial aspects of the lease are detailed, covering the upfront lease consideration (bonus) paid to the lessor and the subsequent royalties payable based on production or revenue generated. 7. Stipulations and Obligations: This section highlights any specific obligations or requirements that both parties must adhere to during the lease term. It may include provisions related to environmental regulations, development obligations, and access rights. 8. Assignments and Amendments: If any assignments or amendments have been made to the original lease, this portion documents the changes made and the effective dates of such modifications. Different variations or types of the Philadelphia Pennsylvania Exhibit Schedule of Oil and Gas Leases Form 2 may exist based on the specific requirements or preferences of regulatory bodies, companies, or landowners. These variations could be customized versions of the form that include additional sections or data fields to fulfill specific reporting or compliance needs. For example, there might be a "Philadelphia Pennsylvania Exhibit Schedule of Oil and Gas Leases Form 2A" designated for offshore leases or a "Philadelphia Pennsylvania Exhibit Schedule of Oil and Gas Leases Form 2B" specifically tailored for leases involving unconventional extraction methods such as hydraulic fracturing (fracking). These variations would cater to unique circumstances or the evolving regulatory landscape to ensure accurate and comprehensive documentation.