South Carolina Release of Oil and Gas Lease by Subsequent Owner of Lease on Part of Lands Subject to the Lease

State:
Multi-State
Control #:
US-OG-125
Format:
Word; 
Rich Text
Instant download

Description

If the original lessee has assigned the lease to a third party, and that party desires to release a part of the land subject to the lease, this form addresses that situation.

How to fill out Release Of Oil And Gas Lease By Subsequent Owner Of Lease On Part Of Lands Subject To The Lease?

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FAQ

RELEASE: releases of property rights and/or other legal rights that the owner would otherwise be entitled to under law. RELEASE LEASE: releases of oil & gas lease rights that a person would otherwise be entitled to under law.

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.

Contact Central Records at ims@rrc.texas.gov or 512-463-6800.

As long as the lessee pays the annual rent, the lease remains in effect. This definite period of time is called the primary term. When a company fails to start production, the lease expires after the primary term. When the company starts drilling for oil and gas, the lease will remain in effect past the primary term.

The BLM issues competitive leases for oil and gas exploration and development on lands owned or controlled by the Federal government.

The memorandum of lease is a short form version of the oil and gas lease. The memorandum of lease is recorded. The full lease will not be recorded. You may also receive an addendum.

For example, if a lease is held by one well that ceases to produce and the lease contains a shut-in clause that requires payment within 90 days after shut-in and a cessation of production clause that allows a 60 day cessation before termination, the lessee must pay the shut-in royalty within the 60 day period or the ...

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.

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South Carolina Release of Oil and Gas Lease by Subsequent Owner of Lease on Part of Lands Subject to the Lease