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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FAQ
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.