This oil, gas, and minerals document is a report form documenting information of sellers and purchasers that enter into a legally binding obligation to sell and purchase real property at the expiration of or during a lease term. In a lease purchase agreement, a party agrees to purchase a particular piece of real property within a certain timeframe, usually at a price determined beforehand.
Texas Oil Gas And Mineral Lease Purchase Reports Form
State:
Texas
Control #:
TX-OG-032
Format:
Word;
Rich Text
Instant download
Description
How to fill out Texas Lease Purchase Report Form 6?
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FAQ
The indexes for prior months are available on microfiche in Central Records. Contact Central Records at ims@rrc.texas.gov or 512-463-6882.
How do you determine if your property is already subject to a recorded oil and gas lease? A search of the public records at the county register of deeds office is necessary. For example, in Oceana County, the public records are available online, or you can go to their office.
The MLA and federal regulations use the term assignment for a transfer of all or a portion of the lessee's record title interest in a lease.6 All assignments of record title interests must be on the currently approved BLM form Assignment of Record Title Interest in a Lease for Oil and Gas or Geothermal Resources,
The assignment serves three basic functions. First, it is the operative document that assigns rights and delegates duties between the assignor and the assignee. 22/ Second, it allocates liabilities between the assignor and assignee and may create obligations in addition to those imposed by the oil and gas lease.
If a lease is a "paid-up" lease, then the lease will remain in effect during the entire primary term with no further payments to the Lessor unless and until actual production of oil or gas is established.
