The North Carolina Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term is a legal document used in the state of North Carolina to request an extension of an existing oil and gas lease beyond its primary term based on the production of oil and gas from the leased property. This affidavit is submitted by the lessee (the party holding the lease), and it serves as evidence of the lessee's compliance with the lease terms and their ability to continue productive operations on the leased property. Keywords: 1. North Carolina: Pertaining specifically to the state's laws and regulations. 2. Affidavit of Production: A legal document presenting factual information and evidence related to the production of oil and gas. 3. Extend Oil and Gas Lease: Lengthening the duration of an existing lease agreement for the exploration and extraction of oil and gas resources. 4. Primary Term: The initial period specified in the lease agreement during which the lessee has the right to explore and produce oil and gas. 5. Oil and Gas: Natural resources extracted from the earth, such as petroleum and natural gas, which are commonly used as energy sources. 6. Lease Extension: Prolonging the duration of a lease beyond its primary term based on certain conditions, such as productive operations. Types of North Carolina Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term: There might not be different types of affidavits specific to North Carolina for this purpose. However, it is important to consult local legal resources or an attorney familiar with the state's oil and gas regulations to determine if there are any specific variations or additional requirements. Note: While I have provided a general overview, it is essential to conduct thorough research and seek legal advice to ensure accuracy and compliance with the specific laws and regulations of North Carolina.
North Carolina Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term
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How to fill out Affidavit Of Production To Extend Oil And Gas Lease Beyond Primary Term?
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FAQ
Will My Federal Lease Be Extended? Like virtually all modern oil and gas leases, federal leases have a fixed primary term (typically 10 years)[1] and a habendum (i.e., ?so long thereafter?) clause.
At that point, your oil and gas lease is extended beyond the primary term into the secondary term and continues as long as the condition(s) for the existence of the secondary term occurs; e.g., ?and as much longer as oil and gas are produced,? meaning, in this example, that the secondary term will continue as long as ...
Oil and gas royalties are typically calculated based on the value of the production. The royalty rate is negotiated between the owner of the mineral rights and the company extracting the oil and gas, and can range from 12.5% to 25% of the production value.
: a deed by which a landowner authorizes exploration for and production of oil and gas on his land usually in consideration of a royalty.
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.
