Often times a memorandum is placed of record rather than the complete oil and gas lease. If that unrecorded lease is amended, the amendment will probably not be recorded. This notice, once filed of record, is constructive notice that the original lease has been amended, and places any party dealing with the lease, on notice, that there has been an amendment to the original lease.
Kentucky Notice of Amendment to Oil and Gas Lease Where Prior Lease Was Unrecorded and A Memorandum or Notice of Lease Was Placed of Record
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US-OG-106
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How to fill out Notice Of Amendment To Oil And Gas Lease Where Prior Lease Was Unrecorded And A Memorandum Or Notice Of Lease Was Placed Of Record?
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FAQ
Royalty Clause There are two types of royalties, a net and a gross royalty. Normally, the oil and gas lease contains a net royalty. If the lease provides for a net royalty, this means that post-production deductions will be taken from the royalty.
Memorandum of Lease. (Oil Gas) This form is a memorandum of lease that summarizes an oil and gas lease without disclosing confidential information contained in the lease itself. It is filed in the county in which the leased property is located to put third parties on notice that a lease exists.
Gas and oil leases can be divided into commence leases and completion leases that require commencement or completion of a well during the first term. Oil and gas lease deeds can be of different types. In some leases, the lessee is obligated to drill a well or pay rental. Such leases are 'drill or pay' leases.
surface use lease allows the landowner to lease the oil and gas rights and obtain a bonus and royalty, while at the same time protecting the surface of the land.
The landowner may also be offered a non-surface use lease. Under this type of lease, the oil and gas company leases only the oil and gas rights, but does not obtain the right to use the land to develop the oil and gas.
Surface Lease means a lease, easement, or other agreement providing the holder with the right to enter the surface of any land for the purpose of constructing and operating a well, facility, flowline, roadway, or power line; Sample 1.
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.
Noun. : a deed by which a landowner authorizes exploration for and production of oil and gas on his land usually in consideration of a royalty.
