Arkansas Exhibit Schedule of Oil and Gas Leases Form 2 is a legal document used in the state of Arkansas to list and detail various leases pertaining to oil and gas activities. It is an essential part of the regulatory process in the state's energy sector. The Arkansas Oil and Gas Commission (AGC) requires companies and individuals engaged in exploration and production of oil and gas resources to submit Form 2 to disclose their leasehold interests accurately. This comprehensive form helps the AGC maintain an organized record of active oil and gas leases within the state. The content of the Arkansas Exhibit Schedule of Oil and Gas Leases Form 2 covers numerous vital details related to each lease agreement. These details generally include: 1. Lease Identifier: Each lease is assigned a unique identifier for tracking purposes. 2. Lease Operator: This section specifies the name and contact information of the company or individual responsible for operating the lease. 3. Lease Effective Date: The date on which the lease comes into effect, allowing the lessee to conduct oil and gas activities on the designated land. 4. Lease Term: Specifies the duration for which the lease is granted, including start and end dates. 5. Description of Leased Premises: Provides a comprehensive legal description of the land covered by the lease, including sections, townships, and ranges, according to the Public Land Survey System (PASS). 6. Acreage: Specifies the total acreage covered by the lease, indicating the amount of land to be used for exploration and production activities. 7. Type of Lease: Different types of leases may exist, such as primary, secondary, or tertiary, and this section details the specific type of lease agreement in place. 8. Royalty Interest: States the percentage or fraction of the production value the lessor is entitled to receive as compensation for allowing the lessee to extract oil and gas from the leased premises. 9. Working Interest: Describes the percentage or fraction of ownership the lessee holds in the lease, representing the cost-bearing and decision-making rights associated with the operations. 10. Related Agreements: Lists any related contracts or agreements associated with the lease, such as joint operating agreements or farm out agreements. 11. Additional Provisions: This section allows for the inclusion of any additional clauses, terms, or conditions deemed necessary for the effective execution and enforcement of the lease. It is important to note that while there is no differentiation in the Arkansas Exhibit Schedule of Oil and Gas Leases Form 2 based on lease types, additional forms and documentation may be required depending on specific circumstances, such as non-operating interests, overriding royalties, or assignments. Submitting an accurate and complete Form 2 is crucial for regulatory compliance and transparency in the Arkansas oil and gas industry. It enables the state authorities to monitor and manage the exploration and production activities efficiently, ensuring compliance with relevant laws and regulations while safeguarding the interests of lessors and lessees involved in oil and gas leasing transactions.
Arkansas Exhibit Schedule of Oil and Gas Leases Form 2
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How to fill out Exhibit Schedule Of Oil And Gas Leases Form 2?
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The primary term on average is 3 years. Companies can add a 2-year extension if they wish. The company that executed the lease uses this time period to achieve drilling the well. Once that is completed, the secondary term begins and lasts for as long as the well is producing.
An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.
Search online database of new and updated oil and gas leases. Use Enverus analytics to focus search on specific geographies, lease dates and contract terms, production record and leasing costs.
The BLM issues a competitive lease for a 10-year period. BLM State Offices conduct lease sales quarterly when parcels are eligible and available for lease. Each State Office publishes a Notice of Competitive Lease Sale (Sale Notice), which lists parcels to be offered at the auction, usually 45 days before the auction.
There are two terms in a gas and oil lease: known as the primary term and the secondary term. Normally, the primary term is for a specific amount of time which lasts between the period of 1, 3, 5, 7 or 10 years.
RELEASE: releases of property rights and/or other legal rights that the owner would otherwise be entitled to under law. RELEASE LEASE: releases of oil & gas lease rights that a person would otherwise be entitled to under law.
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.
As long as the lessee pays the annual rent, the lease remains in effect. This definite period of time is called the primary term. When a company fails to start production, the lease expires after the primary term. When the company starts drilling for oil and gas, the lease will remain in effect past the primary term.
