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The foundational legal document of the U.S. oil and gas industry is the oil and gas lease. [6] Oil and gas producing companies do not always own the land they drill on. Often, the company (the lessee) leases the mineral rights from the owner (the lessor). Major points in a lease include the description of the property, the term (duration), and ...
The Bureau of Land Management (BLM), a division of the Department of the Interior (DOI), is the principal administrator of the Mineral Leasing Act. BLM evaluates areas for potential development and awards leases based on whoever pays the highest bonus during a competitive bidding period.
The continuous drilling provision was created in order to provide more certainty in the face of inconsistent court rulings. While a continuous drilling provision may provide the parties with a more reliable test to determine whether drilling and operations have been continuously prosecuted (so as to hold a lease past its primary term), the inclusion of the provision could prove fatal to a ...
Mineral owners may receive a monthly royalty check if oil, gas, or any other substances of value are extracted from below the surface and either sold or used by an oil and gas operating company. Royalty statements include the production and revenue figures for both the individual owner and the entire well.
CAMBRIDGE − The Cambridge City School Board recently met in a special session to approve an oil and gas lease agreement between the district and EAP Ohio LLC.. The five-year lease agreement ...
In the oil and gas industry, a farmout agreement is an agreement entered into by the owner of one or more mineral leases, called the "farmor", and another company who wishes to obtain a percentage of ownership of that lease or leases in exchange for providing services, called the "farmee." The typical service described in farmout agreements is ...
(Reuters) -Oil and gas companies and environmental groups on Monday filed dueling legal challenges to the Biden administration's five-year plan to offer drilling leases in the Gulf of Mexico.
A Landman or "Petroleum Landman"—in the United States and Canada—is an individual who performs various services for oil and gas exploration companies. [1] According to the website of the American Association of Professional Landmen (AAPL), these services include but are not limited to: negotiating for the acquisition or divestiture of mineral rights; negotiating business agreements that ...