US Legal Forms
Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term...

Oil And Gas Lease Extension

Name: Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.84 (402 reviews)

Category:

Oil Gas and Minerals - Amendments

State:

Multi-State

Control #:

US-OG-575

Format:

Instant download

Description

This form is an Amendment to an Oil and Gas Lease (to provide for a Paid-Up Extension of Primary Term of Lease).

View Preliminary Conference Form -- Commercial Cases

View this form

View ORDER AND JUDGMENT APPOINTING GUARDIAN

View this form

View Petition

View this form

View SHORT FORM APPLICATION FOR AUTHORIZATION TO EXPEND FUNDS/ORDER

View this form

View Order Waiving Filing of Formal Account

View this form

How to fill out Amendment To Oil And Gas Lease For Paid-Up Extension Of Primary Term Of Lease?

When it comes to drafting a legal document, it is better to leave it to the specialists. However, that doesn't mean you yourself can’t find a template to use. That doesn't mean you yourself cannot find a template to use, however. Download Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease from the US Legal Forms website. It offers numerous professionally drafted and lawyer-approved forms and samples.

For full access to 85,000 legal and tax forms, users simply have to sign up and select a subscription. After you are registered with an account, log in, find a certain document template, and save it to My Forms or download it to your device.

To make things much easier, we have incorporated an 8-step how-to guide for finding and downloading Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease promptly:

Make sure the document meets all the necessary state requirements.
If possible preview it and read the description before buying it.
Press Buy Now.
Select the suitable subscription to meet your needs.
Create your account.
Pay via PayPal or by credit/visa or mastercard.
Choose a preferred format if a number of options are available (e.g., PDF or Word).
Download the document.

After the Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease is downloaded it is possible to complete, print out and sign it in almost any editor or by hand. Get professionally drafted state-relevant files within a matter of minutes in a preferable format with US Legal Forms!

Form Rating

4.84

Satisfied(402)

Form popularity

FAQ

Not necessarily. Where your royalty is based on volume of production and your lease is for a period of years and as much longer as oil and gas is produced, or similar language is contained in your lease, your lease may not automatically expire at the end of its primary term.

What is a paid-up lease? At one time, the oil and gas company paid a delay rental payment to the landowner during the initial or primary term of the lease. The delay rental payment was usually paid on a yearly basis.

The phrase top lease is used in the oil and gas business to refer to the circumstance in which a lease is executed covering land upon which a current lease already exists. As commonly spoken, the phrase is often used as a verb, as in we're top leasing in that area.

A lease may provide for the payment of "delay rental" during the primary term.If a lease is a "paid-up" lease, then the lease will remain in effect during the entire primary term with no further payments to the Lessor unless and until actual production of oil or gas is established.

An oil lease is essentially an agreement between parties to allow a Lessee (the oil and gas company and their production crew) to have access to the property and minerals (oil and gas) on the property of the Lessor. The lease agreement is a legal contract of terms.It establishes the primary term of the lease.

To calculate your oil and gas royalties, you would first divide 50 by 1,000, and then multiply this number by . 20, then by $5,004,000 for a gross royalty of $50,040. Once you calculate your gross royalty amount, compare it to the number you see on your royalty check stubs.

In the event oil and gas were found and the wells produce, then the royalties kick in. So if the oil well produce 100 barrels a day, and the price of oil is $80 per barrel that month, then the cash flow is 100x$80 = $8,000/day The royalty owner, who agreed to 15% royalty, would receive $8,000 x 0.15 = $1,200/day.

¹ The term of an oil and gas lease is divided into two parts, a primary term and a secondary term. The primary term is usually for a set amount of years, 1, 3, 5, 7 or 10 years.

Oil And Gas Lease Extension

Description

Related forms

How to fill out Amendment To Oil And Gas Lease For Paid-Up Extension Of Primary Term Of Lease?

Show more info

Form Rating

Form popularity

FAQ

Do oil and gas leases expire?

What is a paid up mineral lease?

What is a top lease in oil and gas?

What is a paid up oil and gas lease?

How does an oil and gas lease work?

How are oil royalties calculated?

How much are oil royalties worth?

How long do oil and gas leases last?

Trusted and secure by over 3 million people of the world’s leading companies