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.
Wisconsin Amendment to Oil and Gas Lease to Extend Primary Term: Explained In Wisconsin, an Amendment to Oil and Gas Lease to Extend Primary Term refers to a legal document that makes changes to an existing lease agreement between the landowner and an oil or gas company. This specific amendment focuses on extending the primary term of the lease, which is the initial period granted for exploration and production activities. By extending the primary term, both parties involved can continue their relationship beyond the original time frame. Keywords: Wisconsin, Amendment, Oil and Gas Lease, Extend Primary Term, Landowner, Oil Company, Gas Company, Exploration, Production, Lease Agreement, Period. Types of Wisconsin Amendments to Oil and Gas Lease to Extend Primary Term: 1. "Extension Amendment": The landowner and the oil or gas company mutually agree to extend the primary term of the lease beyond its original expiration date. This extension prolongs the exploration and potential development of oil or gas resources on the land. 2. "Renewal Amendment": This type of amendment involves the complete renewal of the lease agreement after the primary term ends. The landowner and the oil or gas company negotiate new terms, including an extended primary term, updated royalty rates, and revised obligations. 3. "Partial Extension Amendment": In some cases, the landowner and the oil or gas company may only wish to extend the primary term for a specific portion of the leased land. This amendment allows for the continuation of activities in a particular area while potentially releasing other sections of the property. 4. "Concession Amendment": If an oil or gas company wants to request an extension beyond the primary term due to unforeseen circumstances or delays, they may submit a concession amendment. This type of amendment typically requires providing valid reasons for the extension request and negotiating with the landowner for approval. It's important to note that specific names for amendments may vary depending on the lease agreement and individual circumstances. Landowners and oil or gas companies should consult with legal professionals familiar with Wisconsin's regulations and practices ensuring compliance and protection of their interests.
