Ohio Amendment to Oil and Gas Lease to Extend Primary Term

State:
Multi-State
Control #:
US-OG-084
Format:
Word; 
Rich Text
Instant download

Description

If a lease will expire, by its own terms, and the lessee desires to maintain the lease in effect by the payment of bonus, rather than commencing operations, and the terms of the original lease continue to be acceptable to the lessor, the parties may elect to amend the existing lease to extend the primary term, rather than entering into a new lease. This form addresses that situation.

How to fill out Amendment To Oil And Gas Lease To Extend Primary Term?

US Legal Forms - one of many greatest libraries of lawful types in the States - gives a variety of lawful papers layouts it is possible to download or print out. While using internet site, you will get thousands of types for business and specific functions, categorized by types, claims, or keywords and phrases.You will discover the most up-to-date types of types much like the Ohio Amendment to Oil and Gas Lease to Extend Primary Term within minutes.

If you already possess a monthly subscription, log in and download Ohio Amendment to Oil and Gas Lease to Extend Primary Term from your US Legal Forms catalogue. The Download option will appear on each and every form you see. You have accessibility to all previously downloaded types from the My Forms tab of your own profile.

In order to use US Legal Forms the very first time, allow me to share basic guidelines to get you started:

  • Be sure to have chosen the correct form to your city/area. Select the Review option to check the form`s content material. Read the form outline to actually have selected the appropriate form.
  • If the form doesn`t satisfy your specifications, take advantage of the Look for discipline near the top of the display to get the the one that does.
  • If you are pleased with the form, verify your selection by simply clicking the Buy now option. Then, choose the costs prepare you favor and supply your references to sign up for an profile.
  • Method the deal. Make use of charge card or PayPal profile to complete the deal.
  • Select the file format and download the form on your gadget.
  • Make changes. Fill out, revise and print out and sign the downloaded Ohio Amendment to Oil and Gas Lease to Extend Primary Term.

Each web template you put into your money lacks an expiry particular date and is also yours permanently. So, if you would like download or print out another copy, just visit the My Forms segment and click on on the form you want.

Obtain access to the Ohio Amendment to Oil and Gas Lease to Extend Primary Term with US Legal Forms, the most comprehensive catalogue of lawful papers layouts. Use thousands of specialist and status-certain layouts that meet your organization or specific needs and specifications.

Form popularity

FAQ

Negotiating an oil and gas lease will require some research upfront. If you're a landowner interested in working with an oil and gas company, you should explore their history and experience. You'll want to work with a reputable company that works in your best interests, holds a high standard, and maintains insurance.

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.

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.

The primary term on average is 3 years. Companies can add a 2-year extension if they wish. The company that executed the lease uses this time period to achieve drilling the well. Once that is completed, the secondary term begins and lasts for as long as the well is producing.

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 ...

Once granted, an oil and gas lease gives the lessee a primary term ranging from 5 to 10 years, depending on water depth, to explore and develop the lease. A lessee must relinquish the lease if no activity has occurred within that specified amount of time.

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.

Trusted and secure by over 3 million people of the world’s leading companies

Ohio Amendment to Oil and Gas Lease to Extend Primary Term