Nevada 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
"Held by production" is a provision in an oil or natural gas property lease that allows the lessee, generally an energy company, to continue drilling activities on the property as long as it is economically producing a minimum amount of oil or gas.
If the lease does not contain a cessation of production clause, the lessee may nevertheless be protected by the common law ?temporary cessation of production? doctrine. This doctrine allows the lessee to avoid lease termination by establishing that the cessation of production is only temporary.
in clause (or shutin royalty clause) traditionally allows the lessee to maintain the lease by making shutin payments on a well capable of producing oil or gas in paying quantities where the oil or gas cannot be marketed, whether due to a lack of pipeline connection or otherwise.
A cessation of production savings clause is primarily intended to prevent termination of the lease immediately upon the cessation of production, whether during the primary term, secondary term, or both.
A cessation of production savings clause is primarily intended to prevent termination of the lease immediately upon the cessation of production, whether during the primary term, secondary term, or both.
