District of Columbia Ratification of Oil and Gas Lease (To Permit Pooling/Unitization)
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FAQ
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 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.
Will My Federal Lease Be Extended? Like virtually all modern oil and gas leases, federal leases have a fixed primary term (typically 10 years)[1] and a habendum (i.e., ?so long thereafter?) clause.
To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.
The lease bonus is one of the most important portions of the mineral lease agreement terms. The lease bonus is the amount you will be paid immediately for the right to drill on your property and extract oil and gas minerals.
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 declaration shows the boundaries of the pooling unit and identifies all the landowners and amount of property each landowner actually has in the unit.
