Michigan Ratification of Oil and Gas Lease With No Rental Payments
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FAQ
A clause in an oil & gas lease that allows the lessee to pay an amount (delay rental) to the lessor to postpone commencement of drilling operations during the primary term of the lease to keep it in effect.
In Oil & Gas leasing, a Rental Payment is a type of payment that is paid by the lessee (operator) to the lessor (owner) for the purpose of maintaining the validity of a lease. Rental payments are subject to different timelines and can be made out monthly, quarterly, or annually.
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.
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 drilling-delay rental clause is a provision in an oil-and-gas lease that allows the lessee to maintain the lease by paying delay rentals instead of starting drilling operations during the primary term.
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.
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.
Ingly, when you see the words ?Paid-Up Lease,? this normally means that you will receive an upfront bonus for which the oil and gas company does not have to do anything during the initial or primary term of the lease.
