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

Philadelphia Pennsylvania Amendment to Oil and Gas Lease to Amend Pooling Provision

Name: Philadelphia Pennsylvania 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:

Philadelphia

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

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.

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.

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.

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.

To ratify a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.

Under Pennsylvania law, the Oil and Gas estate is considered to be the dominant estate. This generally means that the person who owns the Oil and Gas has the right to use of as much surface land as reasonably necessary to extract it. However, the owners must show due regard to the rights of the surface owner.

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.

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.

More info

Pooling orders and unitization of pool. II. The "Held By Production" Doctrine.5 Act of April 9, 1929, P.L. 343, as amended, 72 P.S. §§11805. Each party shall be responsible for securing curative matter and pooling amendments or agreements required in connection with. 259 of 2013 (the "Act"), which amends Pennsylvania's Guaranteed Minimum Royalty Act. Surface Use Oil and Gas Cooperative Agreement. The provisions of this Manual. Internet release is authorized. 3. Bigley was a 10year veteran of the United States Navy, serving his country during the Cuban Missile Crisis and Vietnam. State where it was issued, business or address change?

Philadelphia Pennsylvania Amendment to Oil and Gas Lease to Amend Pooling Provision

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