LEGACY02 - Multi-State Lease Forms The lease forms are in two groups: “New” forms, and “Standard” forms. (There are changes in the form.. Product #: LEGACY02 Regular price: $199.00 $199.00

LEGACY02 - Multi-State Lease Forms

Price: $199.00

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The lease forms are in two groups: “New” forms, and “Standard” forms. (There are changes in the forms of the “New” oil and gas leases from the “Standard” lease forms.)

These forms include oil and gas lease forms for the following states:

Alabama, New Mexico, California, New York, Colorado, North Dakota, Florida, Ohio, Illinois, Oklahoma, Indiana, Pennsylvania, Kansas, The Rocky Mountains, Kentucky, South Dakota, North Louisiana, Tennessee, Maryland, Texas, Michigan, Utah, Mississippi, Virginia, Montana, West Virginia, Nebraska, and Wyoming.

There are a total of over 400 forms: Leases, “addendums” or “riders” to add to leases, drafts, lease purchase reports, and other lease related forms.

The “New” state lease forms have been patterned after old “Standard” Producer 88 style lease forms, but seem to be “the” lease form most commonly used in those states.

The “New” lease forms have provisions which are intended to improve the terms of the lease from a lessee’s perspective. These changes include:

  • Each lease form provides for an “effective date.” You select a date to coincide with the date the lease is actually signed and delivered.
  • Each lease form has a broad and general granting clause.
  • Each lease form provides for it to remain in effect after the end of the primary term if a dry hole is drilled on the leased lands during the primary term, to allow for additional operations in the lease to be perpetuated.
  • The “New” lease forms have significant changes in the royalty provision found in a standard lease form, for both oil and gas. Royalty payments for both oil and gas are based on proceeds received. On gas, the lessee specifies the deductions allowed before paying royalty. The amount (percentage or fraction) of royalty is to be included by you in each lease. You specify the royalty reserved by the lessor, which eliminates the need to alter a lease form, or add an addendum to change the royalty amount.
  • The shut-in royalty provision in each lease allows for oil and gas wells to be shut-in and the lease to be perpetuated by shut-in royalty payments. The shut-in royalty provisions provide for shut-in payments to be due at the end of the twelve (12) month period after a well is shut-in, rather than within ninety (90) days after a well is shut-in, as provided for in “old” lease forms. The “New” lease forms specifically provide the failure to pay shut-in royalties does not cause the lease to terminate, but only gives rise to the obligation to pay shut-in royalty.
  • The pooling provision in the lease forms has been expanded to allow for larger units to be pooled for horizontal wells. You specify the amount of acreage to be included in the pooled unit for oil or gas. The pooling provision allows for units to be formed, amended, or terminated at any time.
  • The work over clause in the “New” lease forms has been changed to provide for ninety (90) days rather than sixty (60) days, and the notice period for claimed breaches and changes of ownership have been expanded from thirty (30) to sixty (60) days.

All of the lease forms are formatted in 8-1/2” x 11” paper size. These may be expanded to legal size when finalizing the lease form in your word processing package.

You will note that there are both Paid Up and Rental form leases. Rental forms leases are not commonly used as this time. However, they have been in the past, and in that there may be a need at some point in time for a rental form lease, or it may be preferred by a lessee, these forms are still available.

The leases do not have signature lines or acknowledgment forms on them. These will need to be added to your lease

MULTISTATE LEASE FORMS PACKAGE (LEGACY-02)

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