Colorado Lessor's Notice of Election to Take Royalty in Kind
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How to fill out Lessor's Notice Of Election To Take Royalty In Kind?
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FAQ
The point of a retained-acreage provision is to be able to seek a new opportunity to lease unworked land to a different lessee, one who might do something productive with it. A Pugh clause is a negotiated provision in favor of the lessor. Pugh clauses modify pooling/unitization rights.
?Many land professionals are confused about what is a vertical and what is a horizontal pugh clause. LEGALLY ? a vertical pugh clause is one where all acreage outside of the well/unit boundaries must be released. LEGALLY ? a horizontal pugh clause is one where you must release acreage below a certain depth.
The Pugh Clause ? A clause in the Oil and Gas Lease which modifies usual pooling language to provide that drilling operations on or production from a pooled unit will not preserve the whole lease.
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 phrase (usually contained in a Pugh clause in an oil & gas lease) that terminates the lease after the primary term as to all formations below a particular depth typically defined as the stratigraphic equivalent of the base of the deepest producing formation in the unit.
23. In general terms, the Pugh Clause provides that production from a unitized or pooled area located on or including a portion of the leased lands will not be sufficient to extend the primary term for the entire leasehold.
