Ohio Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells The Ohio Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells is a crucial legal document that comes into effect whenever an oil and gas lease in Ohio needs to be amended to include a shut-in provision for oil wells. This provision allows the lessee to temporarily halt or suspend production at the well, without terminating the lease, due to certain specified circumstances. The inclusion of a shut-in provision grants the lessee the ability to temporarily stop production and conserve resources when conditions are not suitable for active operation, such as in cases of low oil prices, equipment maintenance, or unfavorable market conditions. By adding this provision to the existing lease, both the lessor and the lessee are protected against unnecessary termination of the lease agreement during certain periods. There are several types of Ohio Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells that can be distinguished based on their specific provisions and conditions: 1. Temporary Suspension of Production: This type of amendment allows the lessee to temporarily stop the production of oil at the well for a specified period. The shut-in duration can vary depending on the lease agreement and may include provisions for periodic shut-in extension. 2. Economic Threshold Shut-In: This type of amendment allows the lessee to shut-in the well when the price of oil falls below a certain economic threshold. This provision ensures that the lessee can suspend production during times of unfavorable market conditions while also protecting the lessor's interests. 3. Maintenance and Repair Shut-In: This type of amendment allows the lessee to shut-in the well for a specified period to perform necessary maintenance or repair work on the equipment or infrastructure associated with the production of oil. It enables the lessee to ensure the efficient and safe operation of the well. 4. Force Mature Shut-In: This type of amendment allows the lessee to shut-in the well due to unforeseen circumstances beyond their control, such as natural disasters, civil unrest, or government regulations. The force majeure provision protects both parties from potential liability during these exceptional events. When considering an Ohio Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells, it is crucial to consult legal experts familiar with Ohio oil and gas laws to ensure the amendment conforms to all necessary legal requirements and safeguards the rights and obligations of both the lessor and the lessee. By incorporating a shut-in provision into the existing lease, all parties involved can benefit from increased flexibility and protection in varying market and operational conditions.
Ohio Amendment to Oil and Gas Lease to Add Shut-In Provision For Oil Wells
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FAQ
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.
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.
Granting Clause: The clause in the deed that lists the grantor and the grantee and states that the property is being transferred between the parties.
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.
Granting Clause: This clause specifies: (a) the land that is being leased; (b) which minerals are being leased (oil, gas, uranium, etc.); and (c) and what rights the production company has to use the surface land in an effort to produce the leased minerals.
A ?special warranty? is a covenant made by the lessor to defend the lessee against encumbrances or clouds on the oil and gas title created by the lessor during his ownership of the estate. The protection offered by this warranty is therefore limited to those title defects caused or created by the lessor himself.
If the owner of the mortgaged property was entitled to oil and gas royalties before the foreclosure sale, the oil or gas royalties shall be paid to the purchaser of the foreclosed property.
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.