Georgia Amendment to Oil and Gas Lease to Reduce Annual Rentals

State:
Multi-State
Control #:
US-OG-334
Format:
Word; 
Rich Text
Instant download

Description

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.

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FAQ

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.

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.

Savings clauses are the safety nets in most oil and gas leases that keep leases alive in after the primary term and in absence of production. These include continuous drilling, continuous operations, shut-in royalty, force majeure, retained acreage provisions, pooling, Pugh (rolling vs.

A drilling-delay rental clause is a provision in an oil-and-gas lease that allows the lessee to maintain the lease by paying delay rentals instead of starting drilling operations during the primary term.

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.

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.

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Georgia Amendment to Oil and Gas Lease to Reduce Annual Rentals