Exhibit Schedule of Oil and Gas Leases Form 2: Fill out & sign online

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What is a recorded memorandum?

Recording the memorandum of agreement protects the parties against certain kinds of actions by people that did not sign the agreement but have some claim against the property or against one of the owners.

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.

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

How long does oil and gas lease last? There are two terms in a gas and oil lease: known as the primary term and the secondary term. Normally, the primary term is for a specific amount of time which lasts between the period of 1, 3, 5, 7 or 10 years.

How do I research an oil and gas lease?

Landowners who are considering purchasing, or have already purchased a property can search their county Register of Deeds registry to determine if an oil and gas lease is recorded.

What is the purpose of a memorandum of lease?

A memorandum of lease is a recordable instrument that is used to alert third partiessuch as lenders, other tenants of the property, and prospective buyersthat there is a leasehold interest encumbering a piece of real property.

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