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.
Texas Use of Produced Oil Or Gas by Lessor
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Multi-State
Control #:
US-OG-839
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Word;
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How to fill out Use Of Produced Oil Or Gas By Lessor?
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FAQ
(I) interest shall accrue on all delinquent royalties at the rate of 12% per year (simple interest) pursuant to the Texas Natural Resources Code, §52.131(g);
Section 91.504, Texas Natural Resources Code, gives an owner of a royalty interest in oil or gas produced in Texas the right to request from a payor information about itemized deductions, the heating value of the gas, and the Railroad Commission of Texas identification number for the lease, property, or well that may ...
Texas courts have held that income derived from royalties received from the production of oil and gas from one spouse's separate property also constitutes that spouse's separate property.
Among the most important natural resources of Texas are its large mineral deposits under its soil, particularly of petroleum and natural gas, but also its lumber, solar energy, and its numerous and diverse water resources that include its rivers and streams, its bays, estuaries, and aquifers.
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.
Texas Natural Resources Code Section 91.143 ? False Applications, Reports, and Documents and Tampering with Gauges.
Time for Payment of Proceeds. (2) 90 days after the end of the calendar month in which subsequent gas production is sold.
- Lessor -The owner of the minerals that grants the lease. - Lessee -The oil and gas developer that takes the lease. - Primary Term-Length of time the Lessee has to establish production by drilling a well on the lands subject to the lease. Generally, primary terms run from one to ten years.
