Virginia Amendment to Oil and Gas Lease to Extend Primary Term

State:
Multi-State
Control #:
US-OG-084
Format:
Word; 
Rich Text
Instant download

Description

If a lease will expire, by its own terms, and the lessee desires to maintain the lease in effect by the payment of bonus, rather than commencing operations, and the terms of the original lease continue to be acceptable to the lessor, the parties may elect to amend the existing lease to extend the primary term, rather than entering into a new lease. This form addresses that situation.

How to fill out Amendment To Oil And Gas Lease To Extend Primary Term?

US Legal Forms - one of several largest libraries of legal types in America - delivers a variety of legal papers web templates it is possible to acquire or print. Utilizing the site, you can get a huge number of types for business and specific functions, sorted by types, claims, or search phrases.You can find the latest models of types such as the Virginia Amendment to Oil and Gas Lease to Extend Primary Term within minutes.

If you currently have a registration, log in and acquire Virginia Amendment to Oil and Gas Lease to Extend Primary Term from your US Legal Forms local library. The Down load key will appear on every single form you see. You get access to all previously downloaded types from the My Forms tab of your own accounts.

If you would like use US Legal Forms for the first time, listed below are simple instructions to help you began:

  • Ensure you have picked out the correct form for your area/region. Click on the Review key to analyze the form`s content. Read the form explanation to ensure that you have selected the correct form.
  • In the event the form does not satisfy your needs, use the Look for area on top of the screen to find the the one that does.
  • Should you be content with the form, validate your choice by clicking the Acquire now key. Then, opt for the pricing strategy you favor and give your qualifications to register for an accounts.
  • Procedure the purchase. Make use of bank card or PayPal accounts to finish the purchase.
  • Select the structure and acquire the form in your system.
  • Make modifications. Load, modify and print and sign the downloaded Virginia Amendment to Oil and Gas Lease to Extend Primary Term.

Each and every format you included with your bank account lacks an expiry time and is also your own property eternally. So, if you want to acquire or print another duplicate, just visit the My Forms area and click on in the form you need.

Obtain access to the Virginia Amendment to Oil and Gas Lease to Extend Primary Term with US Legal Forms, probably the most substantial local library of legal papers web templates. Use a huge number of professional and express-particular web templates that meet up with your small business or specific requirements and needs.

Form popularity

FAQ

An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.

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 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.

Once granted, an oil and gas lease gives the lessee a primary term ranging from 5 to 10 years, depending on water depth, to explore and develop the lease. A lessee must relinquish the lease if no activity has occurred within that specified amount of time.

The primary term on average is 3 years. Companies can add a 2-year extension if they wish. The company that executed the lease uses this time period to achieve drilling the well. Once that is completed, the secondary term begins and lasts for as long as the well is producing.

In oil and gas leases, the habendum clause defines the primary term and secondary term of the lease, dictating how long the lease is in force. When used in the context of oil and gas leases, the focus of the habendum clause is on the "and so long thereafter" portion that extends the lease if conditions are met.

The primary term is the initial period during which a well may be drilled. If a successful well is drilled within the primary term, the lease will extend for as long as the well remains productive. If a well is not drilled within the primary term, the lease will usually expire.

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

Virginia Amendment to Oil and Gas Lease to Extend Primary Term