This form is used when the Lessor desires to sell, subdivide, or partition all or a part of the lands covered by the Lease (the Lands ), and has requested a partial waiver of surface use of certain portions of the Lands subject to the Lease, and a waiver is agreeable to Lessee. This Agreement relates solely to the surface use and does not in any other way affect or diminish the Lessee's rights, interests and estate under the Lease.
Virginia Agreement Waiving Surface Use by Oil and Gas Lessee
State:
Multi-State
Control #:
US-OG-655
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.
In Virginia, owners can separate mineral rights from other property rights. Since future deeds may not specify that mineral rights aren't included, title searches are important.
The length of oil and gas lease agreements averages around 5 years. Typically, if a parcel is not drilled after a certain period time then the contract expires. Some leases, however, allow for extensions without the grantor's approval.
Held by production is an oil & gas industry term indicating a property is under lease and that the lease is being perpetuated in the secondary term by the production of oil or gas in paying quantities. An oil & gas may be in HBP status for many years if the wells located on the leased land keep producing.
Surface Lease means a lease, easement, or other agreement providing the holder with the right to enter the surface of any land for the purpose of constructing and operating a well, facility, flowline, roadway, or power line; Sample 1.
A surface use agreement, which is also sometimes referred to as a land use agreement, is an agreement between the landowner and an oil and gas company or an operator for the use of the landowner's land in the development of the oil and gas.
The Virginia Gas and Oil Act of 1990 provides a comprehensive program to pro- tect public safety and the environment from risks associated with exploration and devel- opment of natural gas and oil resources.
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.
