Seismic Agreement And Lease Option Withdrawal

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-077
• Format: Word; Rich Text

Description

The Seismic Agreement and Lease Option Withdrawal form is designed to facilitate the evaluation of mineral estates for oil and gas potential through seismic surveys. It allows the lessee to conduct exploration activities on specified lands owned by the lessor, provided that they adhere to specific conditions, including using appropriate equipment and managing operations without disruption during adverse weather. Key components of the form include options granted to the lessee for performing seismic surveys, acquiring an oil and gas lease, and outlining the compensation required for these rights, measured in dollars per net mineral acre. The agreement includes provisions for force majeure events that may extend the term of the agreement. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this form to ensure compliance with legal parameters while facilitating exploration efforts. By clearly delineating responsibilities and financial considerations between parties, it ensures a smoother transaction process and can serve as a cornerstone for further negotiations concerning mineral rights and leases.