Kentucky Affidavit of Compliance with Terms of Oil and Gas Lease by Lessee
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How to fill out Affidavit Of Compliance With Terms Of Oil And Gas Lease By Lessee?
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FAQ
The record title interest includes the obligation to pay rent and the rights to assign and relinquish the lease. [1] The operating rights interest authorizes the holder to drill for and conduct operations and produce the leased substances.
Top leasing is the practice of leasing your mineral rights even when there is an existing valid lease in place. We refer to this existing lease as the ?bottom lease.? The top lease acts as a present grant of a future interest in oil and gas, and it can come into effect once the bottom lease expires.
The phrase ?top lease? is used in the oil and gas business to refer to the circumstance in which a lease is executed covering land upon which a current lease already exists. As commonly spoken, the phrase is often used as a verb, as in ?we're top leasing in that area?.
A top lease is an oil and gas lease covering a mineral estate that is cur- rently under a valid, existing oil and gas lease.
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.
Is there more than one type of oil and gas lease? Yes, there are three types: a surface use lease, a non-surface use lease, and a dual purpose lease.
Top Leasing The phrase ?top lease? is used in the oil and gas business to refer to the circumstance in which a lease is executed covering land upon which a current lease already exists. As commonly spoken, the phrase is often used as a verb, as in ?we're top leasing in that area?.
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.
