Collin Texas Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells

• Category: Oil Gas and Minerals - Amendments
• State: Multi-State
• County: Collin
• Control #: US-OG-576
• Format: Word; Rich Text

Description

This is a form of an Amendment to an Oil and Gas Lease to Add a Shut-in Royalty Provision For Oil Wells. Collin Texas Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells is a legal document that pertains to the oil and gas industry in Collin County, Texas. The amendment specifically addresses the addition of a shut-in provision for oil wells within the lease agreement. A shut-in provision is a contractual agreement between the lessor and lessee that allows the lessee to temporarily cease production from an oil well without breaching the terms of the lease. This provision is commonly used when market conditions are unfavorable or when maintenance or repairs are required on the drilling equipment. By adding a shut-in provision to the oil and gas lease, both parties are able to protect their interests and ensure flexibility in managing the production of oil wells. The amendment outlines the specific conditions under which the shut-in provision can be activated, the duration of the shut-in period, and any associated costs or compensation. In Collin County, Texas, there may be different types of amendments to oil and gas leases to add shut-in provisions for oil wells, depending on various factors such as the size of the lease, the specific terms negotiated between the lessor and lessee, and any existing regulations or guidelines set by the state or local authorities. Some potential variations of Collin Texas Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells could include: 1. Temporary Shut-In Amendment: This type of amendment allows the lessee to temporarily shut-in production from an oil well for a specific period, usually due to market conditions or necessary maintenance. 2. Force Mature Shut-In Amendment: This type of amendment allows the lessee to shut-in production from an oil well in the event of unforeseen circumstances beyond their control, such as natural disasters, political or regulatory changes, or emergencies. 3. Permanent Shut-In Amendment: In certain cases, the lessor and lessee may agree to permanently shut-in production from an oil well due to various reasons, such as depletion of reserves or environmental concerns. This type of amendment would provide the necessary provisions for a permanent cessation of production. Keywords: Collin Texas, Amendment, Oil and Gas Lease, Shut-In Provision, Oil Wells, Collin County, shut-in period, lease agreement, contract, lessor, lessee, production, market conditions, maintenance, repairs, drilling equipment, flexibility, interests, compensation, guidelines, temporary shut-in, force majeure shut-in, permanent shut-in.

Collin Texas Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells is a legal document that pertains to the oil and gas industry in Collin County, Texas. The amendment specifically addresses the addition of a shut-in provision for oil wells within the lease agreement. A shut-in provision is a contractual agreement between the lessor and lessee that allows the lessee to temporarily cease production from an oil well without breaching the terms of the lease. This provision is commonly used when market conditions are unfavorable or when maintenance or repairs are required on the drilling equipment. By adding a shut-in provision to the oil and gas lease, both parties are able to protect their interests and ensure flexibility in managing the production of oil wells. The amendment outlines the specific conditions under which the shut-in provision can be activated, the duration of the shut-in period, and any associated costs or compensation. In Collin County, Texas, there may be different types of amendments to oil and gas leases to add shut-in provisions for oil wells, depending on various factors such as the size of the lease, the specific terms negotiated between the lessor and lessee, and any existing regulations or guidelines set by the state or local authorities. Some potential variations of Collin Texas Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells could include: 1. Temporary Shut-In Amendment: This type of amendment allows the lessee to temporarily shut-in production from an oil well for a specific period, usually due to market conditions or necessary maintenance. 2. Force Mature Shut-In Amendment: This type of amendment allows the lessee to shut-in production from an oil well in the event of unforeseen circumstances beyond their control, such as natural disasters, political or regulatory changes, or emergencies. 3. Permanent Shut-In Amendment: In certain cases, the lessor and lessee may agree to permanently shut-in production from an oil well due to various reasons, such as depletion of reserves or environmental concerns. This type of amendment would provide the necessary provisions for a permanent cessation of production. Keywords: Collin Texas, Amendment, Oil and Gas Lease, Shut-In Provision, Oil Wells, Collin County, shut-in period, lease agreement, contract, lessor, lessee, production, market conditions, maintenance, repairs, drilling equipment, flexibility, interests, compensation, guidelines, temporary shut-in, force majeure shut-in, permanent shut-in.