Oklahoma Acquisition Title Opinion
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How to fill out Acquisition Title Opinion?
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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.
What is the Pugh Clause and what does it accomplish? In general terms, the Pugh Clause provides that production from a unitized or pooled area located on or including a portion of the leased lands will not be sufficient to extend the primary term for the entire leasehold.
Returning to our example, a properly drafted Horizontal Pugh Clause would not only terminate the lease as to the 180 non-pooled acres but also as to all horizons and strata below the deepest depth drilled, i.e., 7800 feet. In other words, the entire lease would terminate as to all horizons and strata below 7800 feet.
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.
Without any royalty income it comes down to what buyers think the future income might be. For non-producing properties, the Mineral Rights Value in Oklahoma could be anywhere from a few hundred dollars per acre to $5,000+/acre. It really depends on which county your property is located in.
The Attorney's Title Opinion is usually completed through the examination of an Abstract of Title. The Abstract is examined to then provide a written opinion of an Attorney's position on whether a piece of real property has marketable Title at a specific date in time.
