If a lease will expire, by its own terms, and the lessee desires to maintain the lease in effect by the payment of bonus, rather than commencing operations, and the terms of the original lease continue to be acceptable to the lessor, the parties may elect to amend the existing lease to extend the primary term, rather than entering into a new lease. This form addresses that situation.
Amendment To Oil And Gas Lease Form 88
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Multi-State
Control #:
US-OG-084
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How to fill out Amendment To Oil And Gas Lease Form 88?
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FAQ
8/8ths / 8/8ths Basis: a term used to describe either the full Working Interest or full Net Revenue Interest with respect to a given Tract. Pursuant to an Oil and Gas Lease, the Lessor retains the Lessor Royalty.
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 combining of all oil and gas interests in a drilling unit. In most cases, the owners of oil and gas rights in a unit sign a lease with a developer that allows for pooling. If there is more than one developer in a unit, they voluntarily agree on a development plan.
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.
Defining the Pugh Clause 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.
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A lease shall be conditioned upon the payment of a royalty at a rate of not less than 12. Landowners should discuss recording their entire lease document to prevent loss of the original paperwork.To tell the truth, it is very rare that the "standard" Producers 88 form is every used asis. Pugh, who drafted an oil and gas lease clause calculated to prevent the holding of non-pooled acreage.
