Wyoming Notice of Extension of Primary Term of Lease For Recording
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How to fill out Notice Of Extension Of Primary Term Of Lease For Recording?
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FAQ
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.
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.
A savings clause in an oil & gas lease that keeps the lease in effect after a once-productive well stops producing oil or gas if certain conditions are met. The lessee must either begin reworking the well to restore production or start drilling a new well within a specified time.
A quick definition of cessation-of-production clause: This clause usually states that the lease will be maintained as long as production does not stop for more than an agreed period of time, usually sixty to ninety days.
in clause (or shutin royalty clause) traditionally allows the lessee to maintain the lease by making shutin payments on a well capable of producing oil or gas in paying quantities where the oil or gas cannot be marketed, whether due to a lack of pipeline connection or otherwise.
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 landlord is also permitted to terminate the rental agreement with an Unconditional Quit notice. Wyo. Stat. §§ 1-21-1002 to 1-21-1003.
California's Statute of Frauds requires a lease to be in writing if it either: 1. has a term longer than one year; or 2. has a term less than one year which expires more than one year after the agreement is reached.
