The Broward Florida Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease is a legal document that pertains to the extension of the primary term of an existing lease regarding oil and gas exploration and production in Broward County, Florida. This amendment enables the lessee to extend their current lease by paying a predetermined sum of money, ensuring continued access to valuable energy resources. Keywords: Broward Florida, Oil and Gas Lease, Paid-Up, Extension, Primary Term, Amendment, Exploration, Production, Lessee, Energy Resources. There are no specific types of Broward Florida Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease, as it pertains to a standard procedure in extending lease agreements for oil and gas exploration and production activities in the Broward County region. However, it is important to note that variations might exist in the specific details found within different Broward Florida Amendments to Oil and Gas Leases for Paid-Up Extension of Primary Terms. These variations may stem from differing lease agreements, land specificities, or the specific entities involved (such as individuals, corporations, or government bodies). When reviewing a Broward Florida Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease, it is crucial to carefully examine the terms and conditions, lease period extension, payment amounts, and any other relevant provisions included in the document.
Broward Florida Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease
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FAQ
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.
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.
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.
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.
(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
If a lease is a "paid-up" lease, then the lease will remain in effect during the entire primary term with no further payments to the Lessor unless and until actual production of oil or gas is established.
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.
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 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.
