A New Hampshire Surface Lease is a legal agreement between a landowner and a company or individual (referred to as the lessee) that grants permission to use the land for storing or transporting oil and gas. This lease allows the lessee to access and develop the natural resources present beneath the surface of the property in order to extract oil and gas from off-premises locations. New Hampshire Surface Leases for storing or transporting oil and gas are typically categorized into two main types: 1. Storage Lease: A storage lease allows the lessee to utilize a portion of the land to store oil and gas produced elsewhere. The lessee may construct storage facilities such as tanks, pipelines, or underground storage units on the surface of the property. This type of lease is often utilized to store oil and gas during periods of high demand or when there is excess production. 2. Transportation Lease: A transportation lease grants the lessee the right to establish and operate pipelines, roads, or other transportation infrastructure on the property for the purpose of transporting oil and gas from off-premises locations. This type of lease facilitates the movement of extracted resources to processing plants, refineries, or distribution centers. The terms and conditions of a New Hampshire Surface Lease can vary depending on the negotiated agreement between the landowner and the lessee. These terms typically include: — Duration: The length of time the lease will be in effect, often specified in years. — Rental Payments: The financial compensation the lessee will provide to the landowner in exchange for the use of the land. — Royalties: The percentage of proceeds or profit the landowner will receive from the sale of the extracted oil and gas. — Environmental Regulations: The obligations of the lessee to comply with state and federal regulations regarding oil and gas extraction, storage, and transportation, ensuring minimal impact on the environment and surrounding communities. — Liability and Insurance: The responsibilities of the lessee in terms of any damages, accidents, or spills that may occur during the operation. It is important for both landowners and lessees to carefully review and negotiate the terms of a New Hampshire Surface Lease to ensure the protection of their interests. Seeking legal advice and conducting thorough due diligence before entering into such leases is highly recommended ensuring fair and beneficial agreements for all parties involved.
New Hampshire Surface Lease to Allow Storing or Transporting Oil and Gas from off Premises
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FAQ
What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.
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.
Negotiating an oil and gas lease will require some research upfront. If you're a landowner interested in working with an oil and gas company, you should explore their history and experience. You'll want to work with a reputable company that works in your best interests, holds a high standard, and maintains insurance.
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.
A surface use agreement, which is also sometimes referred to as a land use agreement, is an agreement between the landowner and an oil and gas company or an operator for the use of the landowner's land in the development of the oil and gas.
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
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.
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.