Collin Texas Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease

• Category: Oil Gas and Minerals - Amendments
• State: Multi-State
• County: Collin
• Control #: US-OG-575
• Format: Word; Rich Text

Description

This form is an Amendment to an Oil and Gas Lease (to provide for a Paid-Up Extension of Primary Term of Lease). The Collin Texas Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease is a crucial legal document that impacts the duration and terms of an existing lease agreement in the oil and gas industry. This amendment is designed to provide the lessee with the opportunity to extend the primary term of the lease by making a one-time payment, ensuring continued access to valuable oil and gas reserves in the Collin region of Texas. The main purpose of the Collin Texas Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease is to establish the conditions under which the lessee can extend the lease's primary term. By making a lump-sum payment, the lessee secures the rights to explore, extract, and exploit oil and gas resources on the leased property for an additional period. Keywords: 1. Collin Texas: Describes the specific geographical region where the amendment is applicable. 2. Amendment: Refers to the legal modification made to an existing lease agreement. 3. Oil and Gas Lease: Relates to the agreement allowing the lessee to explore and extract oil and gas resources on a specific piece of land. 4. Paid-Up Extension: Indicates that the lessee has made a one-time payment to secure the extension of the lease's primary term. 5. Primary Term: Represents the initial duration of the lease agreement. 6. Lease Extension: Pertains to the extension of the lease duration beyond the initial primary term. 7. Lessee: Refers to the party granted the right to explore and extract oil and gas resources through the lease agreement. 8. Lump-Sum Payment: Signifies the one-time payment made by the lessee to secure the lease extension. 9. Oil and Gas Reserves: Relates to underground deposits of oil and natural gas. 10. Lease Agreement: Describes the legal contract between the lessor (property owner) and the lessee (oil and gas exploration company). Different types or variations of the Collin Texas Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease may include specific clauses related to environmental regulations, royalty payments, termination conditions, or the inclusion of additional acreage in the lease. These variations ensure that the terms of the amendment align with the interests and requirements of the parties involved, promoting efficient and mutually beneficial agreements in the oil and gas industry.

The Collin Texas Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease is a crucial legal document that impacts the duration and terms of an existing lease agreement in the oil and gas industry. This amendment is designed to provide the lessee with the opportunity to extend the primary term of the lease by making a one-time payment, ensuring continued access to valuable oil and gas reserves in the Collin region of Texas. The main purpose of the Collin Texas Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease is to establish the conditions under which the lessee can extend the lease's primary term. By making a lump-sum payment, the lessee secures the rights to explore, extract, and exploit oil and gas resources on the leased property for an additional period. Keywords: 1. Collin Texas: Describes the specific geographical region where the amendment is applicable. 2. Amendment: Refers to the legal modification made to an existing lease agreement. 3. Oil and Gas Lease: Relates to the agreement allowing the lessee to explore and extract oil and gas resources on a specific piece of land. 4. Paid-Up Extension: Indicates that the lessee has made a one-time payment to secure the extension of the lease's primary term. 5. Primary Term: Represents the initial duration of the lease agreement. 6. Lease Extension: Pertains to the extension of the lease duration beyond the initial primary term. 7. Lessee: Refers to the party granted the right to explore and extract oil and gas resources through the lease agreement. 8. Lump-Sum Payment: Signifies the one-time payment made by the lessee to secure the lease extension. 9. Oil and Gas Reserves: Relates to underground deposits of oil and natural gas. 10. Lease Agreement: Describes the legal contract between the lessor (property owner) and the lessee (oil and gas exploration company). Different types or variations of the Collin Texas Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease may include specific clauses related to environmental regulations, royalty payments, termination conditions, or the inclusion of additional acreage in the lease. These variations ensure that the terms of the amendment align with the interests and requirements of the parties involved, promoting efficient and mutually beneficial agreements in the oil and gas industry.