This form is used when the assets of a dissolved Corporation included interests in oil and gas leases. In connection with the dissolution of the Corporation, Assignors were deemed to have been distributed the interests in oil and gas leases owned by the Corporation and the Assignors desire to assign to Assignee all of their rights, title and interests in those oil and gas leases and the lands they cover.
Massachusetts Assignment of Oil and Gas Leases by Shareholders of Dissolved Corporation
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US-OG-265
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How to fill out Assignment Of Oil And Gas Leases By Shareholders Of Dissolved Corporation?
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FAQ
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.
What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.
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.
Granting Clause: This clause specifies: (a) the land that is being leased; (b) which minerals are being leased (oil, gas, uranium, etc.); and (c) and what rights the production company has to use the surface land in an effort to produce the leased minerals.
in clause (or shutin royalty clause) traditionally allows the lessee to maintain the lease by making shutin payments on a well capable of producing oil or gas in paying quantities where the oil or gas cannot be marketed, whether due to a lack of pipeline connection or otherwise.
(a) A claim against a dissolved corporation described in sections 14.06, 14.07 or 14.08, and which is not barred under the applicable statute of limitations, may be enforced against the dissolved corporation to the extent of any undistributed assets, including any available assets in a reserve created under section ...
Granting Clause: The clause in the deed that lists the grantor and the grantee and states that the property is being transferred between the parties.
A ?special warranty? is a covenant made by the lessor to defend the lessee against encumbrances or clouds on the oil and gas title created by the lessor during his ownership of the estate. The protection offered by this warranty is therefore limited to those title defects caused or created by the lessor himself.
