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 Use of Produced Oil Or Gas by Lessor
Category:
State:
Multi-State
Control #:
US-OG-839
Format:
Word;
Rich Text
Instant download
Description
How to fill out Use Of Produced Oil Or Gas By Lessor?
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FAQ
State leases reserve a one-sixth, or 16.67 percent, royalty for the state. Private leases may negotiate for higher or lower royalty amounts. Another common royalty rate is three-sixteenths, or 18.75 percent. In areas with proven oil and gas production, landowners are more likely to receive a higher royalty rate.
"Held by production" is a provision in an oil or natural gas property lease that allows the lessee, generally an energy company, to continue drilling activities on the property as long as it is economically producing a minimum amount of oil or gas.
Definition. Crude oil production refers to the quantities of oil extracted from the ground after the removal of inert matter or impurities. Crude oil is a mineral oil consisting of a mixture of hydrocarbons of natural origin, being yellow to black in colour, of variable density and viscosity.
?Paying Quantities is defined as production in quantities which is sufficient to yield any return in excess of operating costs even though drilling and equipment costs may or will never be repaid.?
Oil and gas production is a multi-stage entire process of discovering a resource, transporting it to a refinery, and turning it into a finished product ready for sale. Or, in industry terminology, upstream, midstream, and downstream segments.
In 2022, Montana's annual crude oil production increased for the first time in three years, rising to 56,000 barrels per day. Montana's 4 refineries can process about 218,000 barrels of crude oil per calendar day.
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.
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.
