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 to Amend Pooling Provision

Fulton Georgia Amendment to Oil and Gas Lease to Amend Pooling Provision

Name: Fulton Georgia Amendment to Oil and Gas Lease to Amend Pooling Provision
Brand: US Legal Forms
Rating: 4.63 (407 reviews)

Category:

Oil Gas and Minerals - Amendments

State:

Multi-State

County:

Fulton

Control #:

US-OG-577

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This is a form of an Amendment to Oil and Gas Lease to Amend the Pooling Provision.

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FAQ

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.

Generally, a pooling clause will allow the leased premises to be combined with other lands to form a drilling unit, wherein proceeds from production anywhere on the drilling unit are allocated according to the percentage of the acreage of each tract divided by the total acreage of the drilling unit.

(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

Pooling is the combination of all or portions of multiple oil and gas leases to form a unit for the drilling of a single oil and/or gas well. The unit is generally one or a combination of government survey quarter-quarter sections.

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.

A pooling clause expands the granting clause by giving a lessee the authority to determine whether to pool. This authority, however, is not unfettered. Many disputes have arisen through the years as to whether a lessee has properly exercised his discretion and authority under a pooling clause.

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.

Pooling refers to joining together enough acreage to allow issuance of a drilling permit for a single well. Unitization refers to joining together large areas such as an entire reservoir or field to optimize operations, introduce efficiencies, and reduce costs. Both pooling and unitization can be voluntary or forced.

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.

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Should the public use cease to exist, the provisions herein shall apply. (b) Permits in effect.Form must be Signed. Swimming pool, sauna, gymnasium and change rooms). 3 The federal agency approved an oil and gas lease sale in. Change. Net interest income. 18,610. 18,224. Such action is not likely to change the economic climate in the near future. C. Rendlen , Hannibal , Mo. , has sold out his saloon in order to engage in the coal business .

Fulton Georgia Amendment to Oil and Gas Lease to Amend Pooling Provision

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