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 Shut-In Oil Royalty
Category:
State:
Multi-State
Control #:
US-OG-825
Format:
Word;
Rich Text
Instant download
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How to fill out Shut-In Oil Royalty?
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FAQ
Most of the oil wells in Tennessee are in the Appalachian Basin in the northeastern part of the state. Tennessee has one petroleum refinery, located in Memphis, which can process about 180,000 barrels of crude oil per calendar day and accounts for about 1% of U.S. refining capacity.
As far as a capped well - the risk is generally low, but not non-existent. The pipe will be cut off well below ground level, and there will be a significant cement/steel cap on the well. As a general rule, plan on staying at least 200 feet away with any structures.
Royalty interest in the oil and gas industry refers to ownership of a portion of a resource or the revenue it produces. A company or person that owns a royalty interest does not bear any operational costs needed to produce the resource, yet they still own a portion of the resource or revenue it produces.
The royalty percentage is usually 12.5% to 15% but can change based on regional regulations or negotiations. Types of Leases: There are different types of oil and gas leases, and they affect royalty calculations differently.
The Pugh Clause ? A clause in the Oil and Gas Lease which modifies usual pooling language to provide that drilling operations on or production from a pooled unit will not preserve the whole lease.
A clause in an oil & gas lease that allows a lessee to keep the lease in effect past the primary term by substituting payment of shut-in royalty for actual production.
Royalty Payment Clauses A royalty is agreed upon as a percentage of the lease, minus what was reasonably used in the lessee's production costs. This is stipulated in a Royalty Clause. The royalty is paid by the lessee to the owner of the mineral rights, the lessor in the lease.
A clause in an oil & gas lease that allows a lessee to keep the lease in effect past the primary term by substituting payment of shut-in royalty for actual production.
