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When an oil and gas lease is set to expire but drilling is underway What usually happens?

If the lessee is engaged in drilling operations at the expiration of the primary term of the lease,[9] the lease term will be extended for an additional two years if certain requirements are met. [10] Actual drilling operations that penetrate the earth are required.

Do oil leases expire?

Once leased land is under production, it is no longer subject to a 10-year cap on the lease and does not expire until the wells go dry or companies abandon them.

How long are oil leases good for?

The primary term of a federal oil and gas lease is 10 years. The term is extended as long as the lease has at least one well capable of production.

How do you negotiate a lease with oil and gas?

Again, negotiating oil leases takes time. Dont Respond That Youre Not Interested. Dont Rush to Hire a Lawyer. Dont Start Spending Money You Dont Yet Have. Dont Warrant the Mineral Title. Dont Lease Multiple Non-contiguous Tracts on One Lease Form. Dont Spout Off during Negotiating.

What is the maximum term for an oil and gas lease?

(a) The primary term of an oil and gas lease will be five years, unless BOEM determines that: (1) The lease is located in unusually deep water or involves other unusually adverse conditions; and, (2) A lease term longer than five years is necessary to explore and develop the lease.

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