This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the standard lease form.
Tennessee Continuous Development, Retained Acreage, and Depth Limitations
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FAQ
A phrase (usually contained in a Pugh clause in an oil & gas lease) that terminates the lease after the primary term as to all formations below a particular depth typically defined as the stratigraphic equivalent of the base of the deepest producing formation in the unit.
Retained Acreage ? A clause that provides that a lease will continue after the expiration of the primary term as to a certain number of acres associated with each of the wells drilled under the lease.
A clause in an oil and gas lease establishing the acreage around a producing well or pooled unit that the lessee is allowed to retain after termination of the lease if certain conditions are met. There is no standard retained-acreage clause, and these clauses vary by lease.
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.
The point of a retained-acreage provision is to be able to seek a new opportunity to lease unworked land to a different lessee, one who might do something productive with it. A Pugh clause is a negotiated provision in favor of the lessor. Pugh clauses modify pooling/unitization rights.
The Act is codified in Tennessee Code Annotated §§ 67-5-1001 through 1050. The purpose of the Act is to help preserve agricultural, forest, and open space land. This is accomplished by valuing land based upon its present use, rather than at a highest and best use.
A parcel must have at least fifteen (15) acres, including woodlands and wastelands which form a contiguous part thereof, constituting a farm unit engaged in the production or growing of crops, plants, animals, nursery, or floral products.
The Pugh Clause limits the rights of the lessee to hold only particular depths or amounts of leased property in a pooled unit after the expiration of the primary term. In Texas, production from any portion of a leased tract is deemed production from the entire tract. Pugh clause negates this general rule.