A New York Amendment to Oil and Gas Lease is a legal document used to extend the primary term of an existing lease on a designated portion of land subject to the lease agreement. This type of amendment is executed when the parties involved wish to extend the lease beyond its original term for further oil and gas exploration and production. The purpose of the New York Amendment to Oil and Gas Lease is to provide additional time for the lessee to assess the potential for oil and gas reserves, explore the area, and potentially develop the resources. It allows for the continuation of operations and investments on the specified lands, providing flexibility for future oil and gas activities. There are different types of New York Amendments to Oil and Gas Lease used to extend the primary term of the lease on a specific part of the subject lands. These amendments can include: 1. Extension Amendment: This type of amendment extends the primary term of the lease for a specific period, granting the lessee additional time to conduct exploration and production activities on the designated lands. The extension period can vary depending on the agreement between the lessor and lessee. 2. Leasehold Amendment: A leasehold amendment is utilized when the lessee wishes to extend the primary term on a particular leasehold, usually when they believe there is untapped potential or ongoing production activity that requires further evaluation. This amendment ensures continuity of the leasehold rights and obligations. 3. Acreage Amendment: An acreage amendment is employed when the lessee desires to extend the primary term on a specific portion of the leased lands, and not the entire leased area. It allows them to focus their efforts, investments, and resources on a particular section they deem more productive or promising. 4. Partial Amendment: A partial amendment is implemented when the lessee wants to extend the primary term on only a portion of the subject lands covered by the lease agreement. This type of amendment is suitable when the lessee has identified specific areas of interest for further exploration and development, while other parts may have proven less viable. The New York Amendment to Oil and Gas Lease to Extend the Primary Term of the Lease on Part of the Lands Subject to the Lease provides an opportunity for lessees to expand their exploration and production activities within the state. It ensures the continuation of operations on specific lands, contributing to the assessment of oil and gas reserves, and potentially boosting overall production and revenue.
New York Amendment to Oil and Gas Lease to Extend the Primary Term of the Lease on Part of the Lands Subject to the Lease
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At that point, your oil and gas lease is extended beyond the primary term into the secondary term and continues as long as the condition(s) for the existence of the secondary term occurs; e.g., ?and as much longer as oil and gas are produced,? meaning, in this example, that the secondary term will continue as long as ...
When minerals are owned by a private citizen or entity, oil and gas companies must lease the minerals prior to drilling for oil and gas. 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).
In oil and gas leases, the habendum clause defines the primary term and secondary term of the lease, dictating how long the lease is in force. When used in the context of oil and gas leases, the focus of the habendum clause is on the "and so long thereafter" portion that extends the lease if conditions are met.
A surrender clause is a part of an oil and gas lease that allows the person leasing the land to give up their rights to some or all of the land they are leasing. This means they can stop using that land and won't have to do anything else related to it.
A ratification of an existing Texas oil and gas lease usually executed by a non-participating royalty interest owner or a non-executive mineral interest owner. It can be used for transactions involving business entities or private individuals.
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.
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.
If the lessee is engaged in drilling operations at the expiration of the primary term of the lease,[9] the lease term will be extended for an additional two years if certain requirements are met. [10] Actual drilling operations that penetrate the earth are required.