The Alaska Term Royalty Deed for Term of Existing Lease is a legal document that outlines the rights and obligations of the parties involved in an oil and gas lease in Alaska. This type of deed is commonly used in the state to transfer the royalty interest from the lessor to the lessee, providing the lessee with the right to exploit the mineral resources in the leased property. In Alaska, there are several types of Term Royalty Deeds for the Term of Existing Lease, depending on the specific circumstances and requirements. Some common types include: 1. Fixed-Term Royalty Deed: This type of deed grants the lessee the royalty interest for a predetermined period, typically for the duration of the existing lease agreement. It ensures a stable and fixed income for the lessor during the specified term. 2. Percentage Royalty Deed: With this type of deed, the lessee receives a percentage of the total revenue generated from the production and sale of the extracted resources. The percentage is typically negotiated between the lessor and lessee and may vary depending on the resource and market conditions. 3. Overriding Royalty Interest Deed: An overriding royalty interest deed grants the lessee an additional royalty interest that is separate from the lessor's royalty interest. This type of deed is often used when there are multiple parties involved in the lease, such as a working interest owner or an investor. 4. Cascade Royalty Deed: In certain cases, multiple royalty interests can be created through a cascade royalty deed. This means that if the primary royalty interest owner fails to receive their payment or transfers their interest, the secondary royalty interest owner will step in to receive the royalty payments. 5. Deed in Lieu of Reduction in Royalty: This type of deed allows the lessor to voluntarily reduce or waive their royalty interest in exchange for certain considerations, such as higher minimum royalty payments or cost recovery provisions. It is important to consult with an experienced attorney or legal professional to understand the specific requirements, terms, and provisions of the Alaska Term Royalty Deed for Term of Existing Lease that best suit your individual situation.
Alaska Term Royalty Deed for Term of Existing Lease
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FAQ
23. In general terms, the Pugh Clause provides that production from a unitized or pooled area located on or including a portion of the leased lands will not be sufficient to extend the primary term for the entire leasehold.
While royalties on oil and gas produced from state territory generally hover between 12.5% and 16.67%, state law gives the commissioner of the Department of Natural Resources the authority to vary those terms if doing so is deemed in the state's best interest.
The point of a retained-acreage provision is to be able to seek a new opportunity to lease unworked land to a different lessee, one who might do something productive with it. A Pugh clause is a negotiated provision in favor of the lessor. Pugh clauses modify pooling/unitization rights.
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
Overriding Royalty Interest: A given interest severed out of the record title interest or lessee's share of the oil, and not charged with any of the cost or expense of developing or operation. The interest provides no control over the operations of the lease, only revenue from lease production.
The Pugh Clause ? A clause in the Oil and Gas Lease which modifies usual pooling language to provide that drilling operations on or production from a pooled unit will not preserve the whole lease.
?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.
A phrase (usually contained in a Pugh clause in an oil & gas lease) that terminates the lease after the primary term as to all formations below a particular depth typically defined as the stratigraphic equivalent of the base of the deepest producing formation in the unit.