This form is used when the Assignor wishes to convey, assign and sell to the Assignee an undivided working interest in an oil and gas lease but reserves an overriding royalty interest payable on all oil, gas, and associated hydrocarbons produced, saved and sold from the Lands.
Mecklenburg North Carolina Partial Assignment of Oil and Gas Lease for Part of Lands Subject to Nonproducing Lease
Category:
State:
Multi-State
County:
Mecklenburg
Control #:
US-OG-521
Format:
Word;
Rich Text
Instant download
Description
How to fill out Partial Assignment Of Oil And Gas Lease For Part Of Lands Subject To Nonproducing Lease?
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FAQ
The BLM generally issues two types of leases for oil and gas exploration and development on lands owned or controlled by the Federal government -- competitive and noncompetitive.
A Pugh Clause is meant to prevent a lessee from declaring all lands under an oil and gas lease as being held by production, even if production only occurs on a fraction of the property.
Pugh, who first used such a clause in 1947 to prevent the holding of non-pooled acreage in his client's lease while only certain portions of the lease acreage were being held under pooling agreements.
Generally, a pooling clause will allow the leased premises to be combined with other lands to form a drilling unit, wherein proceeds from production anywhere on the drilling unit are allocated according to the percentage of the acreage of each tract divided by the total acreage of the drilling unit.
The oil and gas business; assignments are the documents used. to accomplish transfers of lease rights .1./ Although the. common form of assignment may appear to be a rather simple. document, the respective rights and obligations of the parties.
The Mineral Leasing Act of 1920, as amended, and the Mineral Leasing Act for Acquired Lands of 1947, as amended, give the Bureau of Land Management (BLM) responsibility for oil and gas leasing on about 564 million acres of BLM, national forest, and other Federal lands, as well as State and private surface lands where
The horizontal Pugh clause operates to release all lands not included in a pooled unit, typically at the end of the primary term or after cessation of continuous drilling operations, if the lease provides for same. The horizontal Pugh clause releases land at the surface as to all depths.
In general terms, the Pugh Clause provides that production from a unitized or pooled area located on or including a portion of the leased lands will not be sufficient to extend the primary term for the entire leasehold.
Definition of oil and gas lease : a deed by which a landowner authorizes exploration for and production of oil and gas on his land usually in consideration of a royalty.
