This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the standard lease form.
Montana Continuous Development, Retained Acreage, and Depth Limitations
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US-OG-785
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FAQ
A Pugh Clause is enforced to ensure that a lessee can be prevented from declaring all lands under an oil and gas lease as being held by production. This remains true even when production only takes place on a fraction of the property.
What is a Lease Operating Expense? Lease operating expenses, refers to the recurring costs of operating the wells and equipment. They are also known as LOEs, the term ?LOE? is frequently used in the oil and gas business to talk about costs associated with a given well or lease.
Total operated basis: The total reserves or production associated with the wells operated by an individual operator. This is also commonly known as the "gross operated" or "8/8ths" basis.
Acreage: a general term most commonly used to describe and identify the Lands subject to an Oil and Gas Lease. Acreage is used as a measure of the amount of land that is the subject of an agreement or proposed transaction. An acre is equal to 43,560 square feet.
Held by production is an oil & gas industry term indicating a property is under lease and that the lease is being perpetuated in the secondary term by the production of oil or gas in paying quantities. An oil & gas may be in HBP status for many years if the wells located on the leased land keep producing.
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.
Retained Acreage ? A clause that provides that a lease will continue after the expiration of the primary term as to a certain number of acres associated with each of the wells drilled under the lease.