Tennessee Release of Oil and Gas Lease With Reservation of Right to Remove Property

State:
Multi-State
Control #:
US-OG-398
Format:
Word; 
Rich Text
Instant download

Description

This form is used when Lessee releases, surrenders, relinquishes, and quit claims to the present owner of the mineral estate in the Lands, all of Lessee's rights, title, and interests in the Lease. Lessee reserves the right to remove all of Lessee's equipment, machinery, pipe, fittings, tanks, and all other fixtures and property attached to or located on the Lands and used in connection with 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.

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 Pugh Clause is enforced to ensure that a lessee can be prevented from declaring all lands under an oil and gas lease as being held by production. This remains true even when production only takes place on a fraction of the property.

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.

What are Outstanding and Reserved mineral rights? Outstanding mineral rights are owned by a party other than the surface owner at the time the surface was conveyed to the United States. Reserved mineral rights are those rights held by the surface owner at the time the surface was conveyed to the United States.

By way of background, a ?free use? clause is a provision in an oil/gas lease which gives the lessee the right to use gas produced from the leasehold.

A clause in an oil & gas lease that provides that if the leased land is later owned by separate parties, such as in a sale of part of the property, the lessee can continue to operate, develop, and treat the lease as a whole and pay royalties to each owner based on its percentage of ownership of the entire area.

Granting Clause: The clause in the deed that lists the grantor and the grantee and states that the property is being transferred between the parties.

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Tennessee Release of Oil and Gas Lease With Reservation of Right to Remove Property