I am wondering if any of you know of sample leases that I can read … so I can compare it with my existing lease/addendum.
Thanks. Carol
Carol,
In my opinion, comparing leases will not get you very far. The language found in leases vary greatly from operator to operator and location to location. If you are not comfortable interpreting the language on your lease and the full implications therein, you need to consult a qualified oil and gas attorney.
–Chase
Carol, I suggest you do this. Do a Google search on “sample oil and gas lease”. You’ll get many results, from various sources, all with variable applications, depending often on what state you are in. In short, always remember, there is no “standard lease”, contrary to what anyone tells you. There is no substitute for getting qualified professional help when negotiating an oil and gas lease.
Thanks. I already have my previous Oil and Gas Lease with an attached Addendum. I mainly wanted to see other lease samples to compare. I am going to be adding a vertical pugh clause. I only have a general pugh clause. I am having an attorney in the area look over the papers.
Kenny Wilson said:
Carol,
I suggest you do this. Do a Google search on “sample oil and gas lease”. You’ll get many results, from various sources, all with variable applications, depending often on what state you are in. In short, always remember, there is no “standard lease”, contrary to what anyone tells you. There is no substitute for getting qualified professional help when negotiating an oil and gas lease.
Carol
Reply to me for a lease form that we used to secure a $44,000,000 deal from Chesapeake. I’ll email you a copy. It contains a vertical Pugh clause. Give me an address I can send an attachment to.
Jim
A simple 88 lease form is what’s used in the field unless you get an attorney to draw a special one up for you.
Tracy
The oil company uses the Producers 88 form and we add an Exhibit A addendum to it. The Producers 88 form protects the oil comany but isn’t really that beneficial to the mineral/land owner.
Tracy said:
A simple 88 lease form is what’s used in the field unless you get an attorney to draw a special one up for you.
Tracy
That’s true. It seems as though you’ve been doing your research fairly well. Good Luck!! I hope you find your answers.
Have a great one!!
Tracy
The old Producer’s 88 is quite outdated and as you said, Carol, it very heavily favors the O&G companies. The lease we did was written by a team of lawyers that used it for themselves and it covers all the bases to make it fair for all involved. For instance, the 88 will make you contribute a share of your royalties to pay for transporting the gas to market and misc other expenses related to production and marketing. Our lease gives us 25% royalties with NO costs deducted.
Again, if you’d like to see a copy, I’d be glad to share it with you.
Jim
Hi. Thanks for the information. I am having an attorney look over the lease with the addendum attached. I will ask him about the expenses. I love hearing everyone’s experiences and advice.
Jim Colley said:
The old Producer’s 88 is quite outdated and as you said, Carol, it very heavily favors the O&G companies. The lease we did was written by a team of lawyers that used it for themselves and it covers all the bases to make it fair for all involved. For instance, the 88 will make you contribute a share of your royalties to pay for transporting the gas to market and misc other expenses related to production and marketing. Our lease gives us 25% royalties with NO costs deducted.
Again, if you’d like to see a copy, I’d be glad to share it with you.
Jim
If you join Texas Land & Minerals Owners Assoc. you can buy a first rate oil and gas lease form from them for $250.00 I think. The web address is:http://www.tlma.org/
Yes, I too would like a copy of the lease you described as I am currently in the middle of negotiations. thanks—Mike
Jim Colley said:
The old Producer’s 88 is quite outdated and as you said, Carol, it very heavily favors the O&G companies. The lease we did was written by a team of lawyers that used it for themselves and it covers all the bases to make it fair for all involved. For instance, the 88 will make you contribute a share of your royalties to pay for transporting the gas to market and misc other expenses related to production and marketing. Our lease gives us 25% royalties with NO costs deducted.
Again, if you’d like to see a copy, I’d be glad to share it with you.
Jim
Jim Colley said:
The old Producer’s 88 is quite outdated and as you said, Carol, it very heavily favors the O&G companies. The lease we did was written by a team of lawyers that used it for themselves and it covers all the bases to make it fair for all involved. For instance, the 88 will make you contribute a share of your royalties to pay for transporting the gas to market and misc other expenses related to production and marketing. Our lease gives us 25% royalties with NO costs deducted.
Again, if you’d like to see a copy, I’d be glad to share it with you.
Jim
I would very much appreciate a copy of your lease form as well. What do I need to do to get you to send it to me as an attachment to a email? Thanks.
MIke Hare said:
Yes, I too would like a copy of the lease you described as I am currently in the middle of negotiations.
thanks—Mike
Jim Colley said:The old Producer’s 88 is quite outdated and as you said, Carol, it very heavily favors the O&G companies. The lease we did was written by a team of lawyers that used it for themselves and it covers all the bases to make it fair for all involved. For instance, the 88 will make you contribute a share of your royalties to pay for transporting the gas to market and misc other expenses related to production and marketing. Our lease gives us 25% royalties with NO costs deducted.
Again, if you’d like to see a copy, I’d be glad to share it with you.
Jim
Jim Colley said:The old Producer's 88 is quite outdated and as you said, Carol, it very heavily favors the O&G companies. The lease we did was written by a team of lawyers that used it for themselves and it covers all the bases to make it fair for all involved. For instance, the 88 will make you contribute a share of your royalties to pay for transporting the gas to market and misc other expenses related to production and marketing. Our lease gives us 25% royalties with NO costs deducted.
Again, if you'd like to see a copy, I'd be glad to share it with you.
Jim
Do lease offers , normally, include a W-9 tax form to be filled out?? Hesitant to give out Social Security number to anyone…
Dear Mr. Bice,
Bonus monies are taxable income and as such, the feds require that income to be reported. The laws of privacy apply and also, from your side, the law of perjury.
The short answer is yes. You won’t get paid unless there is a Tax ID number to which to report it.
PS. Webmaster, is there a way for questions off the main topic can be moved to a new forum post? I have seen this problem in other boards, which, if not addressed leads to a confusing mishmash of postings that have no rhyme or reason.
jeff bice said:
Do lease offers , normally, include a W-9 tax form to be filled out?? Hesitant to give out Social Security number to anyone…
NOT LEGAL ADVICE
Dear Mr. Bice,
Buddy is exactly correct. Bonus money is taxable income. If you receive a bonus payment and the producer does not report that income to the IRS, then they cannot deduct it as a business expense, which basically means that THEY would pay the taxes on YOUR income. Don’t count on that happening. No SSN, no bonus payment.
Sincerely,
Philip Wynne
jeff bice said:
Do lease offers , normally, include a W-9 tax form to be filled out?? Hesitant to give out Social Security number to anyone…
does any one also know how to stear an oil rig drill …
Do you have a copy of the lease you mentioned that you could share with me or a copy of the TLMA?
Thank you. AJ
Jim Colley said:
The old Producer's 88 is quite outdated and as you said, Carol, it very heavily favors the O&G companies. The lease we did was written by a team of lawyers that used it for themselves and it covers all the bases to make it fair for all involved. For instance, the 88 will make you contribute a share of your royalties to pay for transporting the gas to market and misc other expenses related to production and marketing. Our lease gives us 25% royalties with NO costs deducted.
Again, if you'd like to see a copy, I'd be glad to share it with you.
Jim
AJ - I’d be glad to share it. How would you like me to send it to you? Also, what state are you in?
Dear Jim,
That is not a copyrighted form?