The Kentucky Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term is a legal document used in the state of Kentucky to request an extension of an oil and gas lease beyond its primary term based on the production of oil and gas from the leased property. This affidavit is crucial in securing continued rights to explore and extract resources beyond the initial lease period. In Kentucky, there are two primary types of Affidavits of Production to Extend Oil and Gas Lease Beyond Primary Term: 1. Kentucky Affidavit of Production: This type of affidavit is used when there has been continuous and consistent production of oil and gas from the leased property during the primary term of the lease. The affidavit provides detailed information on the duration of production, the quantity of resources extracted, and any relevant geological data to support the request for an extension. 2. Kentucky Affidavit of Shut-In Production: This type of affidavit is employed when the leased property hasn't experienced continuous production during the primary term. Instead, it involves a situation where production has been temporarily halted due to unfavorable market conditions or other factors. The affidavit must demonstrate that the leased property has the potential to produce oil and gas in commercial quantities, even though it is currently shut-in. In both types, the Kentucky Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term serves as an official declaration by the leaseholder acknowledging the production and asking for an extension. It is important to note that the affidavit must adhere to the guidelines and regulations set by the Kentucky state government and the specific terms outlined in the original lease agreement. To ensure the validity and acceptance of the affidavit, it is recommended to consult with an experienced oil and gas attorney who is familiar with Kentucky state laws and regulations. They can assist in drafting an accurate and comprehensive affidavit that satisfies all legal requirements and maximizes the chances of obtaining an extension for the oil and gas lease beyond its primary term.
Kentucky Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term
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How to fill out Kentucky Affidavit Of Production To Extend Oil And Gas Lease Beyond Primary Term?
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FAQ
Negotiating an oil and gas lease will require some research upfront. If you're a landowner interested in working with an oil and gas company, you should explore their history and experience. You'll want to work with a reputable company that works in your best interests, holds a high standard, and maintains insurance.
: a deed by which a landowner authorizes exploration for and production of oil and gas on his land usually in consideration of a royalty.
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.
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.
8/8ths / 8/8ths Basis: a term used to describe either the full Working Interest or full Net Revenue Interest with respect to a given Tract. Pursuant to an Oil and Gas Lease, the Lessor retains the Lessor Royalty.
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. The top lease has been de- scribed as a "partial alienation of a possibility of reverter"3 and as a "present. grant of a future interest."14 In oil and gas terms, the prior lease is frequently.
