Virgin Islands Affidavit of Production to Extend Oil and Gas Lease Beyond Primary Term
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How to fill out Affidavit Of Production To Extend Oil And Gas Lease Beyond Primary Term?
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FAQ
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.
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 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.
Total operated basis: The total reserves or production associated with the wells operated by an individual operator. This is also commonly known as the "gross operated" or "8/8ths" basis.
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.
