It is not uncommon for a lease to cover a substantial amount of acreage. The situation may arise where the lessee and lessor agree that the lands will be divided and each separate tract be deemed to be covered by a separate lease. This form addresses that situation.
Oklahoma Amendment to Oil and Gas Lease to Amend Land Description in Oil and Gas Lease to Create Separate Oil and Gas Leases
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US-OG-080
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How to fill out Amendment To Oil And Gas Lease To Amend Land Description In Oil And Gas Lease To Create Separate Oil And Gas Leases?
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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.
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.
Memorandum of Lease. (Oil Gas) This form is a memorandum of lease that summarizes an oil and gas lease without disclosing confidential information contained in the lease itself. It is filed in the county in which the leased property is located to put third parties on notice that a lease exists.
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.
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.
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.
Typical granting clauses include language such as ?oil, gas, and other minerals,?2 ?oil and all gas of whatsoever nature or kind,?3 or some variation of these simplistic descriptions.
A Pugh Clause terminates the lease as to the portions of the land that are not included in a unit if the lessee does not conduct independent operations. Therefore, the Pugh Clause requires the lessee to develop areas of the lease that are not included in a unit.