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

King Washington Amendment to Oil and Gas Lease to Amend Pooling Provision

Name: King Washington 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

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Multi-State

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King

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

It also records a "Declaration of Pooling" or similarly named document in the land records office at the local Courthouse. The declaration shows the boundaries of the pooling unit and identifies all the landowners and amount of property each landowner actually has in the unit.

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.

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.

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) (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

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.

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Pooling orders and unitization of pool. II. The "Held By Production" Doctrine.To amend the Mineral Leasing Act to make certain adjustments in leasing on Federal lands for oil and gas drilling, and for other purposes. Mineral Lease Provisions to Consider..…………………………………..28. A Landowner Guide to the Wyoming Split Estate Statute……………….30. Rig, under lease to BP, was putting the finishing touches on the oil company's. 18,000-foot-deep Macondo well when it blew out and escaping methane gas. Clauses in Oil and Gas Leases in Texas, 29 Texas L. Rev. Reaffirm the principles that unite us in a common purpose. Certification of Inventory and Petroleum Facility Locations with Associated Backflow Preventers .. 1c.1.

King Washington Amendment to Oil and Gas Lease to Amend Pooling Provision

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FAQ

What is a declaration of pooling?

What does a good faith pooling clause allow a lessee?

What is an oil and gas lease?

What is the difference between pooling and unitization?

What is Pugh clause in oil and gas lease?

What is a pooling clause in oil and gas lease?

What does pooling mean in oil and gas?

What is the maximum term for an oil and gas lease?

What is an amendment of oil and gas lease?

What is a pooling clause?

Interesting Questions

What is the King Amendment to the Oil and Gas Lease?

What does the pooling provision 660259 entail?

What changes does the King Amendment propose to the pooling provision?

How will the King Amendment benefit mineral rights owners?

What are some key objectives of the King Amendment?

What are the potential implications of the King Amendment?

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