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Oil and Gas Law

Final Exam Review

QuestionAnswer
**[Mother Hubbard Clause] • Although the description contained in the Oil and gas Lease may be an accurate description of a tract of land to which the lessor holds record title, it is possible that such description will not describe all of the land, which the lease is intended to
After-Acquired Title Lease] • A clause designed to afford parties to the agreement the right to share in specified future acquisitions of interests by the other party.
Habendum Clause (or Term Clause) • Period in which the Lessee has the right but not the obligation to drill • Period in which the Lessee may produce Oil and Gas
Primary Term • “This lease shall remain in force for a period of ____________years from the date hereof…” • Fixed term = # of years
Secondary Term • “And so long thereafter as Oil and Gas, or either of them, is produced from said land by the Lessee
• Actual Production Rule the actual (physical) extraction and marketing of oil and gas in paying quantities is necessary to maintain the Oil and Gas Lease in the secondary term. (Majority Position)->TX
• Discovery Rule- the discovery of oil or gas in paying quantities is sufficient to maintain the Oil and Gas Lease in the secondary term. (Minority Position)OK
Created by: esemands@aol.com
 

 



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