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New Hampshire Declaration That Oil and Gas Lease Was Acquired by Agent For Principal

Category:
Oil Gas and Minerals - Declarations
State:
Multi-State
Control #:
US-OG-313
Format:
Word; 
Rich Text
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Description

This form is used when an Agent declares and acknowledges that the consideration for an Assignment should accrue to the benefit of Principal, and that Principal is the owner of the reserved interest in the Assignment. To give effect to declaration, Agent, as Assignor, grants, sells, and assigns to Principal, as Assignee, all of Agent's interest in the Lease and the interest reserved by Agent in the Assignment.

New Hampshire Declaration That Oil and Gas Lease Was Acquired by Agent For Principal A declaration that an oil and gas lease was acquired by an agent for a principal in New Hampshire is a legal document used to officially confirm the authority of an agent to acquire oil and gas lease on behalf of the principal. This declaration serves as solid evidence that the agent has acted within their authorized powers and can help protect the principal's rights and interests in these valuable resources. Keywords: New Hampshire, declaration, oil and gas lease, agent, principal, authority, authorized powers, valuable resources, confirming, legal document, rights, interests. Types of New Hampshire Declaration That Oil and Gas Lease Was Acquired by Agent For Principal: 1. Individual Principal: This type of declaration specifically relates to an agent acquiring an oil and gas lease for an individual principal in New Hampshire. It highlights the agreement between the agent and the individual principal, confirming the authorized power given to the agent to act on their behalf. 2. Corporate Principal: This specific type of declaration pertains to an agent acquiring an oil and gas lease for a corporate principal in New Hampshire. It outlines the agreement between the agent and the corporation, confirming the authorized power granted to the agent to act on behalf of the company. 3. Partnership Principal: This type of declaration focuses on an agent acquiring an oil and gas lease for a partnership in New Hampshire. It highlights the agreement between the agent and the partnership, confirming the authorized power granted to the agent to act on behalf of the partnership. 4. Trust Principal: This declaration is specific to an agent acquiring an oil and gas lease for a trust in New Hampshire. It outlines the agreement between the agent and the trustees, confirming the authorized power given to the agent to act on behalf of the trust. Each type of declaration mentioned above serves the same purpose of officially confirming the authority of the agent to acquire and manage oil and gas leases on behalf of the principal. These declarations provide legal protection and help establish a solid foundation for the principal's rights and interests in New Hampshire's oil and gas industry.

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FAQ

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.

Royalty Rates: The royalty agreement or rate is a percentage of total revenue gotten from the sale of oil and gas, and it's always outlined in the lease agreement. The royalty percentage is usually 12.5% to 15% but can change based on regional regulations or negotiations.

The primary term is the initial period during which a well may be drilled. If a successful well is drilled within the primary term, the lease will extend for as long as the well remains productive. If a well is not drilled within the primary term, the lease will usually expire.

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.

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.

The memorandum of lease is a short form version of the oil and gas lease. The memorandum of lease is recorded. The full lease will not be recorded. You may also receive an addendum.

The period of time in the life of an oil & gas lease that begins after the expiration of the primary term. Production, operations, continuous drilling, or shut-in royalty payments are most often used to extend an oil & gas lease into its secondary term.

A good indemnification clause should be negotiated to make the oil and gas company responsible for defending and indemnifying the landowner should a claim be brought due to the operations or activities of the oil and gas company.

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