The Harris Texas Amendment to Oil and Gas Lease aims to add a shut-in provision for oil wells, providing an enhanced or modified framework to address the production cessation period in Harris County, Texas. This amendment enables the lessee to temporarily halt production and preserve the lease without the risk of losing it due to economic or operational factors. The addition of a shut-in provision in the lease allows the lessee to protect their economic interests by preserving the lease when market conditions, low oil prices, equipment failure, or maintenance issues make it economically unfeasible to continue production. This provision acts as a safeguard, granting the lessee the ability to shut down the oil well without forfeiting the lease rights. The Harris Texas Amendment offers various types of shut-in provisions depending on specific circumstances: 1. Economic Shut-In Provision: This provision allows the lessee to temporarily halt production when oil prices fall below a certain predetermined threshold. It serves to prevent the lease from being uneconomical to operate during periods of market downturn or price volatility. 2. Equipment Failure Shut-In Provision: This provision permits the lessee to shut down the oil well and invoke the shut-in period in case of equipment failure or breakdown. It ensures that the lessee can rectify technical issues without risking the lease. 3. Planned Maintenance Shut-In Provision: This provision enables the lessee to temporarily cease production for scheduled maintenance and repair work on the oil well. It ensures the longevity and efficiency of the well by allowing necessary maintenance without breaching the lease agreement. 4. Force Mature Shut-In Provision: This provision comes into play during unforeseen events such as natural disasters, acts of God, or any uncontrollable circumstance that makes it impossible to continue normal operations. It grants the lessee the right to shut down production temporarily until the situation stabilizes. The Harris Texas Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells provides the lessee with the flexibility and autonomy to handle various scenarios that may arise during oil production, safeguarding their investment and preserving the lease rights during challenging times.
Harris Texas Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells
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