This form is used when an Agent declares and acknowledges that the consideration for an Assignment should accrue to the benefit of Principal, and that Principal is the owner of the reserved interest in the Assignment. To give effect to declaration, Agent, as Assignor, grants, sells, and assigns to Principal, as Assignee, all of Agent's interest in the Lease and the interest reserved by Agent in the Assignment.
Vermont Declaration That Oil and Gas Lease Was Acquired by Agent For Principal
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State:
Multi-State
Control #:
US-OG-313
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Word;
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How to fill out Declaration That Oil And Gas Lease Was Acquired By Agent For Principal?
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FAQ
What is a Held-By-Production Clause? "Held by production" is a provision in an oil or natural gas property lease that allows the lessee, generally an energy company, to continue drilling activities on the property as long as it is economically producing a minimum amount of oil or gas.
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. Held by Production (HBP) (US) - Westlaw westlaw.com ? Glossary ? PracticalLaw westlaw.com ? Glossary ? PracticalLaw
If the lease does not contain a cessation of production clause, the lessee may nevertheless be protected by the common law ?temporary cessation of production? doctrine. This doctrine allows the lessee to avoid lease termination by establishing that the cessation of production is only temporary.
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. Assignment Of Oil And Gas Lease: Definition & Sample contractscounsel.com ? assignment-of-oil-an... contractscounsel.com ? assignment-of-oil-an...
