This form is used when Lessor owns the surface estate in the Lands and Lessee desires to enter into this Agreement for the purpose of specifying the terms and conditions by which Lessee may use the surface estate of the Lands in conducting Lessee's operations under the terms of the Lease.
North Dakota Surface Use Agreement Between Oil and Gas Lessee and Surface Owner Providing For Surface Damages and Disposal of Salt Water into An Existing Well Bore
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Multi-State
Control #:
US-OG-417
Format:
Word;
Rich Text
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How to fill out Surface Use Agreement Between Oil And Gas Lessee And Surface Owner Providing For Surface Damages And Disposal Of Salt Water Into An Existing Well Bore?
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FAQ
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.
Once granted, an oil and gas lease gives the lessee a primary term ranging from 5 to 10 years, depending on water depth, to explore and develop the lease. A lessee must relinquish the lease if no activity has occurred within that specified amount of time.
In a few words, a pooling clause is written into a lease. This oil and gas clause allows the leased premises to be combined with other lands to form a single drilling unit. It's not uncommon for there to be a pool of oil or gas under numerous parcels of land.
Ingly, when you see the words ?Paid-Up Lease,? this normally means that you will receive an upfront bonus for which the oil and gas company does not have to do anything during the initial or primary term of the lease.
- 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.
The primary term on average is 3 years. Companies can add a 2-year extension if they wish. The company that executed the lease uses this time period to achieve drilling the well. Once that is completed, the secondary term begins and lasts for as long as the well is producing.
These basic lease terms ? bonus, royalty, term, delay rental (if any) and shut-in royalty --are typically the "deal terms" negotiated between the Lessor and Lessee. The Lessor typically wants the highest bonus, delay rental and royalty fraction he can get, and the shortest primary term. The Lessee wants the opposite.