This form is used when an oil and gas lease, by its terms may have been deemed to have expired and the lessee desires to drill another well on the lands. A mere ratification or renewal of an expired lease will not cause the lease to be valid. A revivor of the lease is required. This form allows for the revival of a lease for the purposes of allowing the lessee to drill another well.
Maine Ratification, Renewal, Revivor, and Extension of Oil, Gas, and Mineral Lease to Allow Lessee to Drill Another Well
Category:
State:
Multi-State
Control #:
US-OG-116
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Ratification, Renewal, Revivor, And Extension Of Oil, Gas, And Mineral Lease To Allow Lessee To Drill Another Well?
US Legal Forms - among the largest libraries of legal forms in the USA - provides a wide array of legal papers layouts you can obtain or print. Utilizing the internet site, you can get 1000s of forms for company and specific purposes, categorized by classes, suggests, or search phrases.You can find the most recent versions of forms just like the Maine Ratification, Renewal, Revivor, and Extension of Oil, Gas, and Mineral Lease to Allow Lessee to Drill Another Well in seconds.
If you already possess a membership, log in and obtain Maine Ratification, Renewal, Revivor, and Extension of Oil, Gas, and Mineral Lease to Allow Lessee to Drill Another Well from the US Legal Forms collection. The Download option will appear on each and every kind you see. You get access to all in the past saved forms in the My Forms tab of your own accounts.
If you want to use US Legal Forms for the first time, allow me to share basic instructions to help you started off:
- Make sure you have chosen the right kind to your city/state. Click on the Preview option to check the form`s content material. Look at the kind description to ensure that you have selected the right kind.
- If the kind does not fit your specifications, use the Research discipline near the top of the display to get the the one that does.
- In case you are pleased with the shape, verify your selection by clicking the Purchase now option. Then, pick the pricing plan you like and provide your references to register for the accounts.
- Approach the transaction. Make use of bank card or PayPal accounts to complete the transaction.
- Find the format and obtain the shape in your device.
- Make modifications. Complete, change and print and signal the saved Maine Ratification, Renewal, Revivor, and Extension of Oil, Gas, and Mineral Lease to Allow Lessee to Drill Another Well.
Every format you included in your money does not have an expiration time which is your own property permanently. So, if you want to obtain or print another backup, just visit the My Forms portion and click on on the kind you need.
Obtain access to the Maine Ratification, Renewal, Revivor, and Extension of Oil, Gas, and Mineral Lease to Allow Lessee to Drill Another Well with US Legal Forms, one of the most considerable collection of legal papers layouts. Use 1000s of expert and status-particular layouts that meet up with your business or specific demands and specifications.
Form popularity
FAQ
As long as the lessee pays the annual rent, the lease remains in effect. This definite period of time is called the primary term. When a company fails to start production, the lease expires after the primary term. When the company starts drilling for oil and gas, the lease will remain in effect past the primary term.
How long does oil and gas lease last? There are two terms in a gas and oil lease: known as the primary term and the secondary term. Normally, the primary term is for a specific amount of time which lasts between the period of 1, 3, 5, 7 or 10 years.
To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.
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.
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.
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.
Royalties derived from mineral rights ownership are different than an overriding royalty or revenue from a working interest. Overrides, working interests, production payments and other types of royalties tied to a leasehold generally expire once production ceases.
If the lessee is engaged in drilling operations at the expiration of the primary term of the lease,[9] the lease term will be extended for an additional two years if certain requirements are met. [10] Actual drilling operations that penetrate the earth are required.