The South Dakota Affidavit of Compliance with Terms of Oil and Gas Lease by Lessee is an important legal document that certifies the lessee's adherence to the terms and conditions outlined in an oil and gas lease agreement in the state of South Dakota. This affidavit serves as a formal declaration by the lessee, confirming their compliance with all the obligations and requirements set forth in the lease agreement. It is typically required by the South Dakota Department of Environment and Natural Resources (DEER) or the South Dakota Board of Minerals and Environment to ensure that lessees are adhering to the lease terms and operating their oil and gas activities responsibly. The affidavit contains various key elements that must be addressed by the lessee. These include: 1. Identifying Information: The affidavit begins with the lessee's full legal name, contact information, and the specific lease agreement it pertains to. The lease agreement details, such as the lease number, lease dates, and acreage, should be accurately provided. 2. Compliance with Lease Terms: The lessee affirms that they have fully complied with all the terms, covenants, and conditions stated in the oil and gas lease agreement. This includes commitments related to drilling operations, exploration, production, payment of royalties, environmental protection, and reclamation of the leased area. 3. Operations and Reporting: The lessee must disclose any operational activities undertaken on the leased premises during the reporting period. This may include details about drilling activities, well maintenance, production volumes, waste management, and any violations or accidents that may have occurred. 4. Financial Obligations: The affidavit may require the lessee to provide financial information, such as the payment of royalties and other financial obligations, ensuring compliance with the lease terms in this aspect as well. 5. Environmental Compliance: The affidavit should include information regarding the lessee's compliance with environmental regulations and mitigation measures. This may involve reporting on measures taken to prevent pollution, reclamation efforts, and compliance with relevant permits and licenses. 6. Signature and Notarization: The affidavit must be signed by an authorized representative of the lessee, acknowledging the accuracy and truthfulness of the information provided. Notarization is generally required to validate the document and add an extra layer of authenticity. It is important to note that while the above description covers the general content of a South Dakota Affidavit of Compliance, there may be different types or variations of this document depending on specific lease agreements or regulatory requirements. For example, there might be separate affidavits for surface rights compliance, environmental compliance, or financial compliance. It is crucial to refer to the specific lease agreement and regulatory guidelines to ensure the proper completion of the affidavit.
South Dakota Affidavit of Compliance with Terms of Oil and Gas Lease by Lessee
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How to fill out Affidavit Of Compliance With Terms Of Oil And Gas Lease By Lessee?
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FAQ
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.
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.
Royalty Rates: The royalty agreement or rate is a percentage of total revenue gotten from the sale of oil and gas, and it's always outlined in the lease agreement. The royalty percentage is usually 12.5% to 15% but can change based on regional regulations or negotiations.
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.
The period of time in the life of an oil & gas lease that begins after the expiration of the primary term. Production, operations, continuous drilling, or shut-in royalty payments are most often used to extend an oil & gas lease into its secondary term.
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.
