Kentucky Notice and Declaration of Gas Storage Provided For in Oil and Gas Lease: In the state of Kentucky, a Notice and Declaration of Gas Storage Provided For in an Oil and Gas Lease is a legal document that outlines the specifics of gas storage rights within an oil and gas lease agreement. It serves as a formal notice to all parties involved about the storage provisions and rights contained within the lease. This document is an essential component of oil and gas lease agreements in Kentucky, ensuring transparency and protection for both the lessor and lessee. Gas storage refers to the process of storing natural gas in underground reservoirs for future use or distribution. In Kentucky, various types of Notice and Declaration of Gas Storage Provided For in Oil and Gas Lease exist, each catering to specific storage arrangements and requirements. These types include: 1. Underground Gas Storage Agreement: This type of declaration covers the details and obligations related to storing gas in underground reservoirs. It defines the storage capacity, access rights, withdrawal procedures, and responsibilities of the parties involved. 2. Surface Gas Storage Agreement: This declaration addresses gas storage on the surface of the leased property, such as in above-ground tanks or pressurized vessels. It outlines the terms and conditions regarding the area allocated for storage, safety regulations, and maintenance responsibilities. 3. Strategic Gas Storage Agreement: Strategic gas storage is a specific type of storage primarily used for emergency purposes. This agreement highlights the rights and obligations pertaining to designated strategic storage sites within the leased property, ensuring that the stored gas can be used in times of supply disruptions or high demand. 4. Gas Storage Lease Amendment: A gas storage lease amendment modifies an existing oil and gas lease to incorporate provisions related to gas storage. This amendment outlines changes to the original lease terms, allowing for gas storage rights and defining the workings of the storage arrangement. In Kentucky, landlords and operators must ensure that a Notice and Declaration of Gas Storage Provided For in Oil and Gas Lease is properly drafted and executed to avoid any misunderstandings or disputes regarding gas storage rights and obligations. It is crucial for all parties to carefully review and comprehend the terms outlined in the document before entering into an oil and gas lease agreement that involves gas storage provisions.
Kentucky Notice and Declaration of Gas Storage Provided For in Oil and Gas Lease
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FAQ
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.
"Held by production" is a provision in an oil or natural gas property lease that allows the lessee, generally an energy company, to continue drilling activities on the property as long as it is economically producing a minimum amount of oil or gas.
These basic lease terms ? bonus, royalty, term, delay rental (if any) and shut-in royalty --are typically the "deal terms" negotiated between the Lessor and Lessee. The Lessor typically wants the highest bonus, delay rental and royalty fraction he can get, and the shortest primary term. The Lessee wants the opposite.
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.
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.
What are some of the provisions that are normally found in an oil and gas lease? An oil and gas lease will normally contain the following types of provisions: a granting clause, description clause, term clause, royalty clause, pooling clause, surface-use clauses, and various miscellaneous clauses.
Oil and gas production is the general process of manufacturing oil and natural gas from wells and turning them into the final petroleum products that consumers can use.
