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New York 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.

The New York Declaration That Oil and Gas Lease Was Acquired by Agent For Principal is a legally binding document that establishes the acquisition of an oil and gas lease on behalf of a principal by an agent. This declaration provides a detailed account of the rights, responsibilities, and obligations of both the agent and the principal in relation to the lease. Keywords: New York Declaration, oil and gas lease, agent, principal, acquisition, rights, responsibilities, obligations. There are various types of New York Declarations That Oil and Gas Lease Was Acquired by Agent For Principal, including: 1. Purchase Agreement: This declaration outlines the terms and conditions under which the agent acquires the oil and gas lease on behalf of the principal from a third party. It specifies the purchase price, payment terms, and any contingencies related to the acquisition. 2. Lease Assignment: This declaration pertains to the transfer of an existing oil and gas lease from one party to another, wherein the agent acts as an intermediary for the principal. It includes details about the current leaseholder, the assignment process, and the terms agreed upon by all parties involved. 3. Farm out Agreement: This type of declaration is used when the agent acquires an oil and gas lease on behalf of the principal by entering into a farm out agreement with the existing leaseholder. The declaration defines the terms of the farm out, including the acreage involved, the drilling obligations, and the sharing of production. 4. Lease Extension: In certain cases, an agent may acquire an extension to an existing oil and gas lease on behalf of the principal. This declaration states the reasons for the extension, the additional leasehold duration, and any additional terms or conditions agreed upon by the parties involved. Overall, the New York Declaration That Oil and Gas Lease Was Acquired by Agent For Principal serves as a legally binding document that ensures transparency and clarity in the process of acquiring an oil and gas lease on behalf of a principal.

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FAQ

A Pugh Clause is enforced to ensure that a lessee can be prevented from declaring all lands under an oil and gas lease as being held by production. This remains true even when production only takes place on a fraction of the property.

A clause in an oil & gas lease that provides that if the leased land is later owned by separate parties, such as in a sale of part of the property, the lessee can continue to operate, develop, and treat the lease as a whole and pay royalties to each owner based on its percentage of ownership of the entire area.

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.

Returning to our example, a properly drafted Horizontal Pugh Clause would not only terminate the lease as to the 180 non-pooled acres but also as to all horizons and strata below the deepest depth drilled, i.e., 7800 feet. In other words, the entire lease would terminate as to all horizons and strata below 7800 feet.

Implied Covenant to Develop the Lease: This implied covenant requires the Lessee to protect against drainage and typically arises when a neighbor's land is drilled and that lease could be draining oil out from under the leased land.

?Many land professionals are confused about what is a vertical and what is a horizontal pugh clause. LEGALLY ? a vertical pugh clause is one where all acreage outside of the well/unit boundaries must be released. LEGALLY ? a horizontal pugh clause is one where you must release acreage below a certain depth.

With a Pugh Clause, if they don't have that other 50 acres pooled into a unit within that five-year term, then they have to pay you to extend the undeveloped 50 acres for five more years. Without a Pugh Clause, they could say those 50 acres are HBP and they wouldn't have to pay you.

A Vertical Pugh Clause requires the Operator to release the rights below a defined vertical depth after the primary term of your lease expires. For example, all rights 100 feet below the deepest drilled depth or 100 feet below the deepest formation penetrated.

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 point of a retained-acreage provision is to be able to seek a new opportunity to lease unworked land to a different lessee, one who might do something productive with it. A Pugh clause is a negotiated provision in favor of the lessor. Pugh clauses modify pooling/unitization rights.

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Follow the instructions below to complete Declaration That Oil and Gas Lease Was Acquired by Agent For Principal online quickly and easily: Sign in to your ... Each form is designed using a MS Word "Fill in the Blank" format. This allows you to quickly make changes, additions and deletions to prepare your documents.Exploration companies employ or contract with a professional called a "landman" to acquire leases of mineral rights to land with potential reserves of oil and ... Sometimes called at payout, the point after all the costs of exploring, drilling, producing, equipping, completing, and operating have been recouped from ... Check out the lessee. Some leases are acquired in the name of landmen or agents for the true lessee. Insist on knowing the identity of the company acquiring the ... You may exchange your Existing Notes for New Notes in the following amounts: (a) for each U.S.$1,000 principal amount currently outstanding of Existing Notes ... Jun 18, 2021 — 5-1502A. Construction--real estate transactions. In a statutory short form power of attorney, the language conferring general authority ... New Orleans, the Court declared that the prohibition against a deprivation ... York, 211 U.S. 446 (1908). 29 Hagar v. Reclamation Dist., 111 U.S. 701 (1884) ... Such Company Order shall specify the principal amount of the Additional Notes ... the Company in the Borough of Manhattan, The City of New York. The Company ... Feb 9, 2023 — Indicate on an attached statement whether or not the corporation is in the trade or business of gambling. Disposition of an interest in oil, gas ...

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