This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the standard lease form.
Pennsylvania Shut-In Gas Royalty
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US-OG-824
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How to fill out Shut-In Gas Royalty?
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FAQ
Royalty Payment Clauses A royalty is agreed upon as a percentage of the lease, minus what was reasonably used in the lessee's production costs. This is stipulated in a Royalty Clause. The royalty is paid by the lessee to the owner of the mineral rights, the lessor in the lease.
The expression used to describe a well that is capable of gas production but is not yet connected to a pipeline is ?shut-in.?
In such circumstances where a gas well has been completed but no market exists for the gas, the shut-in clause enables a lessee to keep the non-producing lease in force by the payment of the shut-in royalty.
A clause in an oil & gas lease that allows a lessee to keep the lease in effect past the primary term by substituting payment of shut-in royalty for actual production.
A clause in an oil & gas lease that allows a lessee to keep the lease in effect past the primary term by substituting payment of shut-in royalty for actual production.
This minimum royalty is guaranteed by Pennsylvania's Guaranteed Minimum Royalty Act (GMRA). Pursuant to the GMRA, an oil and gas lease is invalid unless it guarantees the landowner a production royalty of at least 12.5 percent.
Is the money I receive from a gas lease taxable? Yes, the income is taxable and should be reported on PA Schedule E and Line 6 Rents, Royalties, Patents or Copyrights of the PA-40.
Mineral rights can be sold in any Pennsylvania county for anything from $500/acre to $5,000+/acre. Isn't that a pretty wide range? The reason for such a range is because the ranges depend on where you are located in Pennsylvania. The cost of your property is heavily influenced by where you are located.