If a lease will expire, by its own terms, and the lessee desires to maintain the lease in effect by the payment of bonus, rather than commencing operations, and the terms of the original lease continue to be acceptable to the lessor, the parties may elect to amend the existing lease to extend the primary term, rather than entering into a new lease. This form addresses that situation.
California Amendment to Oil and Gas Lease to Extend Primary Term
Category:
State:
Multi-State
Control #:
US-OG-084
Format:
Word;
Rich Text
Instant download
Description
How to fill out Amendment To Oil And Gas Lease To Extend Primary Term?
Discovering the right legal file design could be a struggle. Of course, there are plenty of layouts available online, but how would you get the legal type you will need? Utilize the US Legal Forms web site. The assistance provides thousands of layouts, for example the California Amendment to Oil and Gas Lease to Extend Primary Term, which you can use for organization and personal requires. Each of the types are checked out by pros and meet up with state and federal demands.
If you are currently authorized, log in in your account and click on the Download key to get the California Amendment to Oil and Gas Lease to Extend Primary Term. Utilize your account to look from the legal types you have acquired previously. Go to the My Forms tab of your account and get one more copy of your file you will need.
If you are a brand new user of US Legal Forms, here are simple recommendations for you to adhere to:
- Initially, make sure you have selected the correct type for the metropolis/area. You may look through the form using the Review key and browse the form explanation to ensure this is basically the best for you.
- If the type is not going to meet up with your requirements, use the Seach field to find the proper type.
- When you are sure that the form is suitable, go through the Acquire now key to get the type.
- Opt for the pricing program you want and enter in the required information. Design your account and pay for an order using your PayPal account or charge card.
- Select the data file format and obtain the legal file design in your gadget.
- Total, change and produce and signal the attained California Amendment to Oil and Gas Lease to Extend Primary Term.
US Legal Forms is the most significant catalogue of legal types in which you will find a variety of file layouts. Utilize the company to obtain appropriately-produced files that adhere to state demands.
Form popularity
FAQ
1. n. [Oil and Gas Business] The period of time during which an oil and gas lease will be in effect, in the absence of production, drilling or other operations specified by the lease.
What is an Assignment Of Oil And Gas 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 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.
A Pugh Clause is enforced to ensure that a lessee can be prevented from declaring all lands under an oil and gas lease as being held by production. This remains true even when production only takes place on a fraction of the property.
In oil and gas leases, the habendum clause defines the primary term and secondary term of the lease, dictating how long the lease is in force. When used in the context of oil and gas leases, the focus of the habendum clause is on the "and so long thereafter" portion that extends the lease if conditions are met.
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.
In a few words, a pooling clause is written into a lease. This oil and gas clause allows the leased premises to be combined with other lands to form a single drilling unit. It's not uncommon for there to be a pool of oil or gas under numerous parcels of land.
A clause in an oil & gas lease that provides that if the leased land is later owned by separate parties, such as in a sale of part of the property, the lessee can continue to operate, develop, and treat the lease as a whole and pay royalties to each owner based on its percentage of ownership of the entire area.
