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.
South Carolina Amendment to Oil and Gas Lease to Extend Primary Term
Category:
State:
Multi-State
Control #:
US-OG-084
Format:
Word;
Rich Text
Instant download
Description
How to fill out Amendment To Oil And Gas Lease To Extend Primary Term?
If you wish to comprehensive, down load, or print out lawful record layouts, use US Legal Forms, the greatest assortment of lawful forms, which can be found on-line. Use the site`s easy and convenient search to find the papers you require. A variety of layouts for enterprise and personal functions are categorized by classes and says, or keywords and phrases. Use US Legal Forms to find the South Carolina Amendment to Oil and Gas Lease to Extend Primary Term with a number of clicks.
If you are previously a US Legal Forms consumer, log in to the bank account and click the Obtain button to get the South Carolina Amendment to Oil and Gas Lease to Extend Primary Term. You can even entry forms you formerly delivered electronically within the My Forms tab of your respective bank account.
If you work with US Legal Forms the first time, follow the instructions listed below:
- Step 1. Ensure you have selected the shape to the correct area/region.
- Step 2. Utilize the Preview option to examine the form`s content material. Do not forget about to see the information.
- Step 3. If you are unsatisfied using the type, take advantage of the Lookup industry near the top of the monitor to find other variations from the lawful type design.
- Step 4. After you have located the shape you require, click the Acquire now button. Opt for the rates strategy you like and put your accreditations to register for an bank account.
- Step 5. Process the transaction. You can use your bank card or PayPal bank account to perform the transaction.
- Step 6. Choose the structure from the lawful type and down load it in your gadget.
- Step 7. Comprehensive, revise and print out or indication the South Carolina Amendment to Oil and Gas Lease to Extend Primary Term.
Each and every lawful record design you buy is your own forever. You might have acces to each type you delivered electronically in your acccount. Click the My Forms section and select a type to print out or down load once more.
Remain competitive and down load, and print out the South Carolina Amendment to Oil and Gas Lease to Extend Primary Term with US Legal Forms. There are thousands of expert and status-certain forms you can utilize for your enterprise or personal requirements.
Form popularity
FAQ
The 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.
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.
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.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
The primary term is the initial period during which a well may be drilled. If a successful well is drilled within the primary term, the lease will extend for as long as the well remains productive. If a well is not drilled within the primary term, the lease will usually expire.
How to Write a Lease Amendment Step 1 ? Enter Lease Agreement Details. ... Step 2 ? Fill in Landlord and Tenant Details. ... Step 3 ? Restate Lease Agreement Details. ... Step 4 ? Identify Provisions. ... Step 5 ? Document Sentence Amendments. ... Step 6 ? Note Sentence Deletions. ... Step 7 ? Confirm Section Deletions.
Once granted, an oil and gas lease gives the lessee a primary term ranging from 5 to 10 years, depending on water depth, to explore and develop the lease. A lessee must relinquish the lease if no activity has occurred within that specified amount of time.
