This form is used when an Assignor transfers and assigns to Assignee all of Assignors rights, title, and interests in and to the described oil and gas lease or leases only insofar as the Leases cover and include the oil, gas, casinghead gas and other liquid, gaseous or vaporous substances in, under, and which may be produced from the described lands.
Oklahoma Term Assignment and Agreement for Nonproducing Portion of HBP Leases
Category:
State:
Multi-State
Control #:
US-OG-226
Format:
Word;
Rich Text
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How to fill out Oklahoma Term Assignment And Agreement For Nonproducing Portion Of HBP Leases?
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FAQ
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.
The Pugh Clause ? A clause in the Oil and Gas Lease which modifies usual pooling language to provide that drilling operations on or production from a pooled unit will not preserve the whole lease.
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.
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.
A phrase (usually contained in a Pugh clause in an oil & gas lease) that terminates the lease after the primary term as to all formations below a particular depth typically defined as the stratigraphic equivalent of the base of the deepest producing formation in the unit.
A retained-acreage provision requires the lessee to release land not assigned to a producing well (or active drilling/ reworking operations) at the end of the primary term. Unlike a Pugh clause, this has nothing to do with pooling/ unitization.
Example of horizontal Pugh Clause A horizontal could offer a lease that spans certain acreage, including 30 acres across the property. This implies that a lessee would be able to access 30 acres of land across the drilled well, but no further.