This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the standard lease form.
Maryland Shut-In Oil Royalty
Category:
State:
Multi-State
Control #:
US-OG-825
Format:
Word;
Rich Text
Instant download
Description
How to fill out Shut-In Oil Royalty?
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FAQ
Total operated basis: The total reserves or production associated with the wells operated by an individual operator. This is also commonly known as the "gross operated" or "8/8ths" basis.
Sometimes called at payout, the point after all the costs of exploring, drilling, producing, equipping, completing, and operating have been recouped from the sale of production from an oil or gas well.
The Book of Jargon®: Oil & Gas is one of a series of practice area-specific glossaries published by Latham & Watkins. The definitions contained in The Book of Jargon® are designed to provide an introduction to the applicable terms often encountered in the oil & gas industry.
The Pugh Clause ? A clause in the Oil and Gas Lease which modifies usual pooling language to provide that drilling operations on or production from a pooled unit will not preserve the whole lease.
TIL. Turn-in-line; a well turned to sales. Undeveloped acreage/properties. Leased acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of natural gas and crude oil, regardless of whether such acreage contains proved reserves.
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.
Before Payout (BPO): The period before a well has paid out the costs to drill, complete and operate. 6. Carried Interest: a fractional interest in an oil and gas property which has no obligation for operating costs. Operating costs are borne by owner(s) of the remaining interest in the property.
A clause in an oil & gas lease that allows a lessee to keep the lease in effect past the primary term by substituting payment of shut-in royalty for actual production.
