This form is an Oil, Gas and Mineral Lease. The lessor grants a right to the lessee to enter and use certain property for the production of oil, gas, and sulphur. The document must be signed in the presence of a notary public.
Maine Oil, Gas and Mineral Lease
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Multi-State
Control #:
US-00577
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Word;
Rich Text
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FAQ
: a deed by which a landowner authorizes exploration for and production of oil and gas on his land usually in consideration of a royalty.
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.
A mineral lease is a contract between a mineral owner (the lessor) and a company or working interest owner (the lessee) in which the lessor grants the lessee the right to explore, drill, and produce oil, gas, and other minerals for a specified period of time.
An oil & gas lease where all payments to keep the lease in effect during the primary term, typically a cash bonus, are paid up front when the lease is acquired. This type of lease generally does not contain a delay rental clause.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
Yes, there are three types: a surface use lease, a non-surface use lease, and a dual purpose lease. Most leases that are offered to the owner of the oil and gas rights are surface use leases under which the land to which the oil and gas rights have been leased is used to develop the oil and gas.
