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

Fairfax Virginia Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease

Name: Fairfax Virginia Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease
Brand: US Legal Forms
Rating: 4.84 (402 reviews)

Category:

Oil Gas and Minerals - Amendments

State:

Multi-State

County:

Fairfax

Control #:

US-OG-575

Format:

Instant download

Description

This form is an Amendment to an Oil and Gas Lease (to provide for a Paid-Up Extension of Primary Term of Lease).

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(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

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.

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.

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.

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.

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.

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.

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.

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.

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1-2004) Paid Up. With Peeling Provision. Mississippi-Alakar. -Florida. What is a paid-up lease?At one time, the oil and gas company paid a delay rental payment to the landowner during the initial or primary term of the lease. In May 2021, Odyssey will complete 25 years as a Fairfax company. United States. Congress.

Fairfax Virginia Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease

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