Arkansas Declaration That Oil and Gas Lease Was Acquired by Agent For Principal

State:
Multi-State
Control #:
US-OG-313
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Word; 
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Description

This form is used when an Agent declares and acknowledges that the consideration for an Assignment should accrue to the benefit of Principal, and that Principal is the owner of the reserved interest in the Assignment. To give effect to declaration, Agent, as Assignor, grants, sells, and assigns to Principal, as Assignee, all of Agent's interest in the Lease and the interest reserved by Agent in the Assignment.

Arkansas Declaration That Oil and Gas Lease Was Acquired by Agent For Principal In Arkansas, a declaration can be filed to affirm the acquisition of an oil and gas lease by an agent on behalf of a principal. This legal document serves to establish the authorization and consent given by the principal to the agent for acquiring the lease. Keywords: Arkansas, declaration, oil and gas lease, acquired, agent, principal, authorization, consent. Types of Arkansas Declarations That Oil and Gas Lease Was Acquired by Agent For Principal: 1. Primary Lease Acquisition Declaration: This type of declaration is used when an agent acquires the lease for the first time on behalf of the principal. It outlines the details of the lease, including the specific area of land, duration, and any terms or conditions associated with the lease. The declaration asserts that the agent acted within their authority granted by the principal to complete the lease acquisition. 2. Renewal Lease Acquisition Declaration: When an existing oil and gas lease requires renewal, the agent can file a declaration stating the acquisition of the renewed lease. This declaration would include information about the original lease, renewal terms, and the agent's authority to renew the lease on behalf of the principal. It ensures the legality and validity of the renewal process. 3. Assignment Lease Acquisition Declaration: In cases where an agent is authorized to transfer or assign a previously acquired lease to another party on behalf of the principal, an assignment lease acquisition declaration is filed. It outlines the details of the assignment, including the parties involved, specific terms and conditions of the assignment, and the scope of authority granted to the agent. 4. Modification Lease Acquisition Declaration: When a modification or amendment to an existing oil and gas lease is required, the agent can file a declaration stating the acquisition of the modified lease. This declaration would include details of the original lease, modifications made, and the agent's authority to modify the lease on behalf of the principal. It ensures that any changes made to the lease are legally binding. 5. Termination Lease Acquisition Declaration: If the principal decides to terminate an oil and gas lease, the agent can file a declaration affirming the termination. This declaration includes the details of the lease being terminated, the reasons behind the termination, and the agent's authority to terminate the lease on behalf of the principal. It ensures the documentation of the lease's closure and helps avoid any potential disputes in the future. In conclusion, Arkansas provides various types of declarations that can be filed to confirm the acquisition of an oil and gas lease by an agent acting on behalf of a principal. These declarations solidify the relationship between the agent and principal, establishing the validity and legality of the lease acquisition process.

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FAQ

What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.

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.

Royalty Rates: The royalty agreement or rate is a percentage of total revenue gotten from the sale of oil and gas, and it's always outlined in the lease agreement. The royalty percentage is usually 12.5% to 15% but can change based on regional regulations or negotiations.

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.

Calculating Overriding Royalty Interest An ORRI is a straight percentage. For example, a 2% override would appear on the royalty statement as 0.02 interest in the proceeds from the sale of the leased hydrocarbons.

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 period of time in the life of an oil & gas lease that begins after the expiration of the primary term. Production, operations, continuous drilling, or shut-in royalty payments are most often used to extend an oil & gas lease into its secondary term.

The primary term is the initial period during which a well may be drilled. If a successful well is drilled within the primary term, the lease will extend for as long as the well remains productive. If a well is not drilled within the primary term, the lease will usually expire.

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by CA Morgan · Cited by 2 — When an oil or gas interest is acquired from the personal ... First, where a power of attorney is given to an agent to secure a debt due from the principal to the ... Follow the instructions below to complete Declaration That Oil and Gas Lease Was Acquired by Agent For Principal online quickly and easily: Sign in to your ...Declaration that Oil and Gas Lease was Acquired by Agent for Principal. Deeds ... Notice and Declaration of Gas Storage (Provided for in Oil and Gas Lease) ... by SW Wright · 1987 · Cited by 7 — An oil and gas lease in Arkansas conveys to the lessee the right of exploration and development of these minerals.' The lessee's interest is generally referred ... Record Title: Primary ownership of an interest in an oil and gas lease including the obligation to pay rent, and the right to transfer and relinquish the lease. Ownership is lost by drainage across property lines. This theory is followed in Arkansas, Kansas, Michigan, Mississippi, Montana, Ohio,. Pennsylvania, Texas, ... Check out the lessee. Some leases are acquired in the name of landmen or agents for the true lessee. Insist on knowing the identity of the company acquiring the ... by CA RAE · Cited by 2 — The concept of paying to the owner of a natural resource a royalty for the right, license or privilege to enter, explore for and take the re-. by RC Pierce · 2004 · Cited by 3 — In his treatise, Professor Donley rea- soned that landowners rely on the agent who brings the oil and gas lease. Id. Although "the law says one signing a ... Acquisition Agreement: another term for PSA or Purchase Agreement. Acquisition Costs: the costs a party incurs to secure an Oil and Gas Lease, which will ...

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Arkansas Declaration That Oil and Gas Lease Was Acquired by Agent For Principal