Puerto Rico Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term
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How to fill out Affidavit Of Production To Extend Oil And Gas Lease Beyond Primary Term?
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FAQ
The definition of assignment in real estate is the sale, transfer, or conveyance of a whole property ownership/rights or part of it to another party. The term in the oil and gas industry is used for sale, transfer, or conveyance of working interest, lease, royalty, overriding royalty interest, or net profit interest.
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.
A savings clause in an oil & gas lease that keeps the lease in effect after a once-productive well stops producing oil or gas if certain conditions are met. The lessee must either begin reworking the well to restore production or start drilling a new well within a specified time.
A cessation of production savings clause is primarily intended to prevent termination of the lease immediately upon the cessation of production, whether during the primary term, secondary term, or both.
1. A provision in an habendum clause of an oil and gas lease requiring production means production in paying quantities. 2. Generally, production in paying quantities means production which is profitable to the Lessee.
If the lease does not contain a cessation of production clause, the lessee may nevertheless be protected by the common law ?temporary cessation of production? doctrine. This doctrine allows the lessee to avoid lease termination by establishing that the cessation of production is only temporary.
