Mississippi Agreement For Payment on Casinghead Gas Between Gas Purchaser and Lease Operator
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FAQ
The landowner may also be offered a non-surface use lease. Under this type of lease, the oil and gas company leases only the oil and gas rights, but does not obtain the right to use the land to develop the oil and gas.
An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.
No Surface Occupancy (NSO): A fluid minerals leasing constraint that prohibits occupancy or disturbance on all or part of the lease surface to protect special values or uses.
In such circumstances where a gas well has been completed but no market exists for the gas, the shut-in clause enables a lessee to keep the non-producing lease in force by the payment of the shut-in royalty.
These basic lease terms ? bonus, royalty, term, delay rental (if any) and shut-in royalty --are typically the "deal terms" negotiated between the Lessor and Lessee. The Lessor typically wants the highest bonus, delay rental and royalty fraction he can get, and the shortest primary term. The Lessee wants the opposite.
surface use lease allows the landowner to lease the oil and gas rights and obtain a bonus and royalty, while at the same time protecting the surface of the land.
An ?unless? clause provides that the lease terminates unless the lessee has either made the required payments or commenced drilling operations. Lessees can therefore be terminated from the lease by failure to pay the proper amount, by the due date, in the proper form, to the proper party.
A surface use agreement, which is also sometimes referred to as a land use agreement, is an agreement between the landowner and an oil and gas company or an operator for the use of the landowner's land in the development of the oil and gas.