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.
Oklahoma Amendment to Oil and Gas Lease to Extend Primary Term, With No Additional Rentals
Category:
State:
Multi-State
Control #:
US-OG-343
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Amendment To Oil And Gas Lease To Extend Primary Term, With No Additional Rentals?
If you have to total, acquire, or printing legal record themes, use US Legal Forms, the largest assortment of legal forms, that can be found on-line. Utilize the site`s easy and convenient research to get the paperwork you need. A variety of themes for company and personal purposes are sorted by classes and says, or key phrases. Use US Legal Forms to get the Oklahoma Amendment to Oil and Gas Lease to Extend Primary Term, With No Additional Rentals within a few mouse clicks.
In case you are currently a US Legal Forms buyer, log in to the accounts and then click the Download switch to find the Oklahoma Amendment to Oil and Gas Lease to Extend Primary Term, With No Additional Rentals. Also you can accessibility forms you previously downloaded inside the My Forms tab of the accounts.
Should you use US Legal Forms for the first time, refer to the instructions under:
- Step 1. Ensure you have selected the form for your appropriate city/nation.
- Step 2. Make use of the Review choice to check out the form`s content. Do not forget about to read the information.
- Step 3. In case you are not happy with all the form, make use of the Lookup industry at the top of the display screen to find other versions of your legal form format.
- Step 4. When you have located the form you need, click on the Acquire now switch. Choose the costs prepare you choose and add your accreditations to sign up for the accounts.
- Step 5. Process the purchase. You should use your bank card or PayPal accounts to complete the purchase.
- Step 6. Select the format of your legal form and acquire it on your product.
- Step 7. Full, change and printing or sign the Oklahoma Amendment to Oil and Gas Lease to Extend Primary Term, With No Additional Rentals.
Each and every legal record format you buy is your own property forever. You have acces to each and every form you downloaded with your acccount. Click on the My Forms area and pick a form to printing or acquire once again.
Compete and acquire, and printing the Oklahoma Amendment to Oil and Gas Lease to Extend Primary Term, With No Additional Rentals with US Legal Forms. There are many specialist and express-particular forms you can utilize for the company or personal requirements.
Form popularity
FAQ
Hear this out loud PauseA lease expiration occurs at the end of the lease term when the lease is no longer valid. At this point, the contractual relationship between the landlord and tenant ceases to exist. When a lease expires, the tenant no longer has the right to live on the property.
An option to renew or extend the lease means that upon the tenant's exercise of the option (choice), the provisions of the agreed-upon option are adopted for another defined term. The terms of the option can include the length of the new term, a change in rent, and other modifications.
Hear this out loud PauseThe 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.
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.
Hear this out loud PauseIf the lessee is engaged in drilling operations at the expiration of the primary term of the lease,[9] the lease term will be extended for an additional two years if certain requirements are met. [10] Actual drilling operations that penetrate the earth are required.
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.
Hear this out loud PauseOil leases are agreements between an oil and gas company known as the lessee and mineral owners known as a lessor, in which the lessor grants the lessee the permission to explore, drill, and produce those minerals for a specified period known as a primary term or as long as the minerals continue to be productive.
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 ...