This form is used when an Agent declares and acknowledges that the consideration for an Assignment should accrue to the benefit of Principal, and that Principal is the owner of the reserved interest in the Assignment. To give effect to declaration, Agent, as Assignor, grants, sells, and assigns to Principal, as Assignee, all of Agent's interest in the Lease and the interest reserved by Agent in the Assignment.
Montana Declaration That Oil and Gas Lease Was Acquired by Agent For Principal
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Multi-State
Control #:
US-OG-313
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Word;
Rich Text
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How to fill out Declaration That Oil And Gas Lease Was Acquired By Agent For Principal?
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FAQ
The point of a retained-acreage provision is to be able to seek a new opportunity to lease unworked land to a different lessee, one who might do something productive with it. A Pugh clause is a negotiated provision in favor of the lessor. Pugh clauses modify pooling/unitization rights.
23. In general terms, the Pugh Clause provides that production from a unitized or pooled area located on or including a portion of the leased lands will not be sufficient to extend the primary term for the entire leasehold.
?Many land professionals are confused about what is a vertical and what is a horizontal pugh clause. LEGALLY ? a vertical pugh clause is one where all acreage outside of the well/unit boundaries must be released. LEGALLY ? a horizontal pugh clause is one where you must release acreage below a certain depth.
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
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.
A good indemnification clause should be negotiated to make the oil and gas company responsible for defending and indemnifying the landowner should a claim be brought due to the operations or activities of the oil and gas company.
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 phrase (usually contained in a Pugh clause in an oil & gas lease) that terminates the lease after the primary term as to all formations below a particular depth typically defined as the stratigraphic equivalent of the base of the deepest producing formation in the unit.
