Indiana Revivor of Oil and Gas Lease Where Oil and Gas Lease Has Terminated or Expired
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How to fill out Revivor Of Oil And Gas Lease Where Oil And Gas Lease Has Terminated Or Expired?
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FAQ
U.S.C. § 188(d)-(e); 43 C.F.R. § 3108.2-3. BLM may reinstate an oil and gas lease when a lessee shows that the failure to pay timely ?was justified or not due to lack of reasonable diligence, or, no matter when the rental was paid, it is that such failure to timely pay was inadvertent.? 43 C.F.R.
At that point, your oil and gas lease is extended beyond the primary term into the secondary term and continues as long as the condition(s) for the existence of the secondary term occurs; e.g., ?and as much longer as oil and gas are produced,? meaning, in this example, that the secondary term will continue as long as ...
The primary term on average is 3 years. Companies can add a 2-year extension if they wish. The company that executed the lease uses this time period to achieve drilling the well. Once that is completed, the secondary term begins and lasts for as long as the well is producing.
The memorandum of lease is a short form version of the oil and gas lease. The memorandum of lease is recorded. The full lease will not be recorded. You may also receive an addendum.
