This form is used when the Lessor and Lessee desire to amend the description of the Lands subject to the Lease by dividing the Lands into separate tracts, with each separate tract being deemed to be covered by a separate and distinct oil and gas lease even though all of the lands are described in the one Lease.
Arizona Amendment to Oil and Gas Lease to Reduce Annual Rentals
Category:
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Multi-State
Control #:
US-OG-334
Format:
Word;
Rich Text
Instant download
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FAQ
If the lease does not contain a cessation of production clause, the lessee may nevertheless be protected by the common law ?temporary cessation of production? doctrine. This doctrine allows the lessee to avoid lease termination by establishing that the cessation of production is only temporary.
What is a Held-By-Production Clause? "Held by production" is a provision in an oil or natural gas property lease that allows the lessee, generally an energy company, to continue drilling activities on the property as long as it is economically producing a minimum amount of oil or gas.
in clause (or shutin royalty clause) traditionally allows the lessee to maintain the lease by making shutin payments on a well capable of producing oil or gas in paying quantities where the oil or gas cannot be marketed, whether due to a lack of pipeline connection or otherwise.
A cessation of production savings clause is primarily intended to prevent termination of the lease immediately upon the cessation of production, whether during the primary term, secondary term, or both.
A savings clause in an oil & gas lease that keeps the lease in effect after a once-productive well stops producing oil or gas if certain conditions are met.
Royalty Clause There are two types of royalties, a net and a gross royalty. Normally, the oil and gas lease contains a net royalty. If the lease provides for a net royalty, this means that post-production deductions will be taken from the royalty.
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.
in clause (or shutin royalty clause) traditionally allows the lessee to maintain the lease by making shutin payments on a well capable of producing oil or gas in paying quantities where the oil or gas cannot be marketed, whether due to a lack of pipeline connection or otherwise.
