This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
Wyoming Extension of Primary Term of the Lease The Wyoming Extension of Primary Term of the Lease refers to a provision that allows the lessee or the party holding the lease to extend the primary term of the lease agreement for a specified period of time. This extension is typically granted to allow the lessee more time to explore and develop the leased property for its intended purpose, such as oil and gas exploration, mining, or agricultural activities. There are several types of Wyoming Extension of Primary Term of the Lease, including: 1. Fixed-Term Extension: This type of extension grants the lessee a specific additional period, typically ranging from one to five years, to continue with the activities allowed under the original lease agreement. It provides a predetermined timeframe for the lessee to complete their operations and fulfill any lease obligations. 2. Continuous Drilling Extension: In this case, the lessee may extend the primary term of the lease by continuously drilling and pursuing production on the leased property. This extension is often conditional, requiring the lessee to meet certain drilling and production requirements within a specified timeframe. 3. Incremental Extension: An incremental extension allows the lessee to extend the lease agreement by specific time increments, usually one to three years, upon meeting certain conditions set forth in the original lease. These conditions may include achieving certain production milestones, meeting financial obligations, or demonstrating ongoing diligent operations. 4. Force Mature Extension: A force majeure extension may be granted if unforeseen circumstances beyond the control of the lessee, such as natural disasters or government restrictions, prevent the lessee from fulfilling their lease obligations within the primary term. This type of extension provides the lessee with additional time to complete their activities once the force majeure event has ceased. When considering a Wyoming Extension of Primary Term of the Lease, it is essential to review the specifics outlined in the original lease agreement. Additionally, it is crucial for the lessee to understand the conditions and requirements necessary to qualify for an extension and the potential implications on rental rates, royalties, and other lease terms. Consulting with legal counsel or experienced industry professionals can help navigate the extension process and ensure compliance with relevant laws and regulations.
