Illinois Assignment of Oil and Gas Leases when Producing with Reservation of Production Payment
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How to fill out Assignment Of Oil And Gas Leases When Producing With Reservation Of Production Payment?
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FAQ
"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.
Definition. Crude oil production refers to the quantities of oil extracted from the ground after the removal of inert matter or impurities. Crude oil is a mineral oil consisting of a mixture of hydrocarbons of natural origin, being yellow to black in colour, of variable density and viscosity.
?Paying Quantities is defined as production in quantities which is sufficient to yield any return in excess of operating costs even though drilling and equipment costs may or will never be repaid.?
: a deed by which a landowner authorizes exploration for and production of oil and gas on his land usually in consideration of a royalty.
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
Oil and gas production is a multi-stage entire process of discovering a resource, transporting it to a refinery, and turning it into a finished product ready for sale. Or, in industry terminology, upstream, midstream, and downstream segments.
Held by production is an oil & gas industry term indicating a property is under lease and that the lease is being perpetuated in the secondary term by the production of oil or gas in paying quantities. An oil & gas may be in HBP status for many years if the wells located on the leased land keep producing.
