The Oregon Amendment to Oil and Gas Lease is a legal document that facilitates changes or modifications in the original lease agreement between the lessor and lessee. This amendment is specifically designed for the oil and gas industry in Oregon and aims to address any necessary alterations in the existing lease terms and conditions. By utilizing this amendment form, both parties can effectively incorporate the required amendments without going through the hassle of creating an entirely new lease agreement. There are various types of Oregon Amendments to Oil and Gas Lease that can be inserted into the standard amendment form, depending on the specific changes needed. Some common types include: 1. Extension of Lease Term: This amendment allows the lessee to extend the lease period beyond the original expiration date, providing more time for exploration, drilling, and production activities. It outlines the new timeline and any additional terms associated with the extension. 2. Modification of Royalty Percentage: This amendment pertains to changes in the percentage of royalty payments the lessor is entitled to receive from the production of oil and gas on the leased property. It details the revised royalty percentage and any accompanying provisions. 3. Assignment of Lease Rights: This type of amendment is used when the lessee wishes to transfer all or part of their lease rights to another party. It outlines the terms and conditions of the assignment and ensures compliance with relevant laws and regulations. 4. Addition or Removal of Acreage: If the parties involved want to add or subtract specific tracts or portions of the leased land, this amendment is utilized. It describes the details of the affected acreage and the corresponding adjustments made to the lease agreement. 5. Alteration of Surface Use Restrictions: This amendment addresses modifications to the restrictions on surface usage by the lessee during operations. It may include changes to drilling locations, access roads, environmental protections, or other related matters. 6. Amendment of Rental and Bonus Payments: This type of amendment revises the rental and bonus payment terms outlined in the original lease agreement. It specifies the new amounts, payment schedules, and any additional provisions related to these financial aspects. By incorporating the necessary amendments using the Oregon Amendment to Oil and Gas Lease form, both parties can ensure that their lease agreement remains up-to-date and reflective of any changes or requirements specific to their operations in the state of Oregon.
Oregon Amendment to Oil and Gas Lease With Amendments to Be inserted in Form
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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.
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.
The record title interest includes the obligation to pay rent and the rights to assign and relinquish the lease. [1] The operating rights interest authorizes the holder to drill for and conduct operations and produce the leased substances.
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.
By way of background, a ?free use? clause is a provision in an oil/gas lease which gives the lessee the right to use gas produced from the leasehold.
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.