Arkansas Affidavit of Compliance with Terms of Oil and Gas Lease by Lessee

State:
Multi-State
Control #:
US-OG-177
Format:
Word; 
Rich Text
Instant download

Description

An affidavit is statement of facts which is sworn to (or affirmed) before an officer who has authority to administer an oath (e.g. a notary public). This form is a declaration that the Lessee has complied with all of the terms of the Lease and deems the Lease, as to all of the lands covered by it, to be maintained and in force and effect as of the date of this Affidavit.

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FAQ

Record Title: Primary ownership of an interest in an oil and gas or geothermal lease including the obligation to pay rent, and the right to transfer and relinquish the lease.

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.

The record title interest includes the obligation to pay rent and the rights to assign and relinquish the lease. [1] The operating rights interest authorizes the holder to drill for and conduct operations and produce the leased substances.

A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.

Is there more than one type of oil and gas lease? Yes, there are three types: a surface use lease, a non-surface use lease, and a dual purpose lease.

Operating Rights/Working Interest: The interest or contractual obligation created out of a lease (referred to as a sublease) authorizing the holder of that right to enter the leased lands to conduct drilling and related operations, including production.

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Arkansas Affidavit of Compliance with Terms of Oil and Gas Lease by Lessee