Utah Ratification of Oil, Gas and Mineral Lease by Mineral Owner, Paid-Up Lease

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US-OG-536
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This is a form of Ratification of Oil, Gas and Mineral Lease by a Mineral Owner, Paid-Up Lease.

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FAQ

As a mineral owner, you have to determine if an up front bonus payment is more important or if the potential for higher royalty income in the future is. Another important factor is to know what royalty percentage is common in your area. Royalty percentage can range anywhere from 12.5% to 25%.

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.

To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.

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 mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.

Negotiating an oil and gas lease will require some research upfront. If you're a landowner interested in working with an oil and gas company, you should explore their history and experience. You'll want to work with a reputable company that works in your best interests, holds a high standard, and maintains insurance.

A mineral lease is a contract between a mineral owner (the lessor) and a company or working interest owner (the lessee) in which the lessor grants the lessee the right to explore, drill, and produce oil, gas, and other minerals for a specified period of time.

Oil, gas, and mineral lease (?OGML?) disputes arise between the mineral rights owner (?lessor?) and the companies that leased those rights (?lessee?). A typical OGML will be ?Paid-Up,? meaning an amount of money is paid when the OGML is executed; that money is the only guaranteed payment.

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Utah Ratification of Oil, Gas and Mineral Lease by Mineral Owner, Paid-Up Lease