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.
Hawaii Amendment to Oil and Gas Lease to Reduce Annual Rentals
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Multi-State
Control #:
US-OG-334
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Word;
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How to fill out Amendment To Oil And Gas Lease To Reduce Annual Rentals?
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FAQ
Forms G-45, G-49, and GEW-TA-RV-6 can be filed and payments made electronically through the State's Internet portal. For more information, go to tax.hawaii.gov/eservices/. NOTE: The Department requires taxpayers whose general excise tax liability exceeds $4,000 for the taxable year, to file returns electronically.
The G-45 is the 'periodic' form which is filed either monthly, quarterly, or semiannually. The G-49 is the annual or so called "reconciliation" form which is filed annually.
A surrender clause is a part of an oil and gas lease that allows the person leasing the land to give up their rights to some or all of the land they are leasing. This means they can stop using that land and won't have to do anything else related to it.
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.
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 such circumstances where a gas well has been completed but no market exists for the gas, the shut-in clause enables a lessee to keep the non-producing lease in force by the payment of the shut-in royalty.
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.
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.
