Producers 88 Lease Form With Two Points
Description
How to fill out Texas Producers 88 (8/99) Paid Up Lease Pooling Provision?
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FAQ
The continuous development clause ensures that drilling or production operations continue without unnecessary interruptions during the lease period. This clause essentially mandates the lessee to keep the well active or to develop new wells regularly, thus providing assurance to the lessor. By including this in the Producers 88 lease form with two points, both parties can benefit from sustained production efforts. It encourages an efficient and productive relationship between lessor and lessee.
?Many land professionals are confused about what is a vertical and what is a horizontal pugh clause. LEGALLY ? a vertical pugh clause is one where all acreage outside of the well/unit boundaries must be released. LEGALLY ? a horizontal pugh clause is one where you must release acreage below a certain depth.
Example of vertical Pugh Clause This could include about 150 feet below the drilled well. What this implies is that the lessee would be restricted to drilling to 150 feet. They wouldn't be able to go further. The lessor could still lease any property below that specific range to another interested party.
Any provision resulting in acreage being released after production is a Pugh Clause. A Pugh Clause is a type of retained acreage provision that is only applicable with regards to pooled or unitized lands. A Pugh Clause is completely inapplicable when there has been no pooling or unitization.?
The Retained Acreage clause is used in an oil and gas lease to protect the lessor's interest when a lease is held in force by continuing production or other conditional language. They enable the lease to terminate as to any acreage not held by continuing production.
Today, oil and gas leases have never been more complicated. To tell the truth, it is very rare that the ?standard? Producers 88 form is ever used as-is. The Standard Producers 88 grants essentially full access to a property's surface rights. It is for the oil company to improve the extraction.