If the description of lands contained in a lease is incorrect, rather than entering into a new lease, the existing lease may be amended, with the amendment providing the correct description of lands the lessor and lessee intended to be covered by the lease. This form addresses that situation.
North Dakota Amendment to Oil and Gas Lease to Correct Land Description
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State:
Multi-State
Control #:
US-OG-083
Format:
Word;
Rich Text
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FAQ
: a deed by which a landowner authorizes exploration for and production of oil and gas on his land usually in consideration of a royalty.
Is there more than one type of oil and gas lease? Yes, there are three types: a surface use lease, a non-surface use lease, and a dual purpose lease.
A mineral rights owner does not necessarily have to own the land property itself but must have a legal agreement with the property owner. In North Dakota, mineral rights can be transferred in three ways: deed, probate or court action.
Oil leases are agreements between an oil and gas company known as the lessee and mineral owners known as a lessor, in which the lessor grants the lessee the permission to explore, drill, and produce those minerals for a specified period known as a primary term or as long as the minerals continue to be productive.
- Lessor -The owner of the minerals that grants the lease. - Lessee -The oil and gas developer that takes the lease. - Primary Term-Length of time the Lessee has to establish production by drilling a well on the lands subject to the lease. Generally, primary terms run from one to ten years.
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.