Description: A Georgia Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells is a legal document that modifies an existing lease agreement between an oil and gas operator and a landowner. This amendment specifically focuses on incorporating a shut-in provision for oil wells in the state of Georgia. Keywords: — Georgia: This term highlights the geographical location where the oil and gas lease amendment is applicable, specifically referring to the state of Georgia in the United States. — Amendment: This term emphasizes that the document is meant to modify and update an existing lease agreement rather than creating a new one. — Oil and Gas Lease: This phrase denotes the original agreement between the operator and the landowner, allowing the exploration and production of oil and gas on the leased property. — Shut-In Provision: This provision empowers the operator to temporarily cease oil production from a well due to various reasons, such as market conditions, equipment issues, or regulatory compliance. — Oil Wells: This phrase specifies that the lease amendment primarily focuses on wells specifically used for oil extraction, as opposed to natural gas or other resources. Different Types of Georgia Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells: While there may not be numerous types of Georgia amendments specifically targeting shut-in provisions for oil wells, variations can arise based on specific terms and conditions negotiated between the operator and the landowner. This could include differences in the duration of the shut-in period, procedures for reactivation or termination of the shut-in provision, financial terms regarding shut-in royalties, and other parties' rights and obligations during the shut-in period.
Georgia Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells
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FAQ
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 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.
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.
With a Pugh Clause, if they don't have that other 50 acres pooled into a unit within that five-year term, then they have to pay you to extend the undeveloped 50 acres for five more years. Without a Pugh Clause, they could say those 50 acres are HBP and they wouldn't have to pay you.
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.
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.
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.
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.