This form is used when an oil and gas lease, by its terms may have been deemed to have expired and the lessee desires to drill another well on the lands. A mere ratification or renewal of an expired lease will not cause the lease to be valid. A revivor of the lease is required. This form allows for the revival of a lease for the purposes of allowing the lessee to drill another well.
Kentucky Ratification, Renewal, Revivor, and Extension of Oil, Gas, and Mineral Lease to Allow Lessee to Drill Another Well
Category:
State:
Multi-State
Control #:
US-OG-116
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Ratification, Renewal, Revivor, And Extension Of Oil, Gas, And Mineral Lease To Allow Lessee To Drill Another Well?
US Legal Forms - one of several most significant libraries of authorized varieties in the USA - delivers an array of authorized record layouts you are able to download or print. While using site, you can find a large number of varieties for enterprise and specific purposes, categorized by types, claims, or keywords and phrases.You will discover the latest models of varieties like the Kentucky Ratification, Renewal, Revivor, and Extension of Oil, Gas, and Mineral Lease to Allow Lessee to Drill Another Well within minutes.
If you currently have a subscription, log in and download Kentucky Ratification, Renewal, Revivor, and Extension of Oil, Gas, and Mineral Lease to Allow Lessee to Drill Another Well from your US Legal Forms catalogue. The Down load button will appear on each and every kind you see. You gain access to all previously delivered electronically varieties inside the My Forms tab of your bank account.
If you wish to use US Legal Forms the very first time, allow me to share basic directions to help you get started out:
- Be sure to have selected the proper kind for your town/state. Go through the Review button to examine the form`s articles. Read the kind description to actually have chosen the proper kind.
- If the kind does not fit your requirements, make use of the Search field towards the top of the monitor to discover the one who does.
- When you are content with the form, affirm your choice by simply clicking the Buy now button. Then, choose the costs plan you prefer and give your references to sign up for an bank account.
- Method the financial transaction. Make use of your Visa or Mastercard or PayPal bank account to finish the financial transaction.
- Find the formatting and download the form in your device.
- Make alterations. Fill up, edit and print and signal the delivered electronically Kentucky Ratification, Renewal, Revivor, and Extension of Oil, Gas, and Mineral Lease to Allow Lessee to Drill Another Well.
Every format you put into your money does not have an expiry date which is your own permanently. So, if you want to download or print yet another copy, just visit the My Forms portion and click on on the kind you will need.
Gain access to the Kentucky Ratification, Renewal, Revivor, and Extension of Oil, Gas, and Mineral Lease to Allow Lessee to Drill Another Well with US Legal Forms, by far the most substantial catalogue of authorized record layouts. Use a large number of skilled and express-specific layouts that satisfy your business or specific requirements and requirements.
Form popularity
FAQ
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
How long does oil and gas lease last? There are two terms in a gas and oil lease: known as the primary term and the secondary term. Normally, the primary term is for a specific amount of time which lasts between the period of 1, 3, 5, 7 or 10 years.
To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.
Once granted, an oil and gas lease gives the lessee a primary term ranging from 5 to 10 years, depending on water depth, to explore and develop the lease. A lessee must relinquish the lease if no activity has occurred within that specified amount of time.
Royalties derived from mineral rights ownership are different than an overriding royalty or revenue from a working interest. Overrides, working interests, production payments and other types of royalties tied to a leasehold generally expire once production ceases.
As long as the lessee pays the annual rent, the lease remains in effect. This definite period of time is called the primary term. When a company fails to start production, the lease expires after the primary term. When the company starts drilling for oil and gas, the lease will remain in effect past the primary term.
If the lessee is engaged in drilling operations at the expiration of the primary term of the lease,[9] the lease term will be extended for an additional two years if certain requirements are met. [10] Actual drilling operations that penetrate the earth are required.
23. In general terms, the Pugh Clause provides that production from a unitized or pooled area located on or including a portion of the leased lands will not be sufficient to extend the primary term for the entire leasehold.