Oil & Gas Lease Amendments
An oil and gas lease may be amended to include certain lease provisions in the form
adopted by the Board for Lease of University Lands at the time the lease is amended.
Written application is required. At the present time, the Board for Lease of University
Lands allows amendments of leases without payment of a fee. However, the Board for
Lease reserves the right to impose a fee without notice.
Our more current lease forms include a re-working provision. Without this provision,
a cessation of production from the lease could result in its automatic termination.
In order to preclude the risk of automatic termination of the lease in the event
of a stoppage in production, and to provide certainty to the parties in the event
of such a cessation, lease agreements without this provision can be amended to add
the 60 day re-working clause, shut-in royalty provisions, and take-in-kind royalty
rights. Any amendment of the lease would not affect royalty obligations or other
fees and payments as set out in the existing lease.
- Application for Oil and Gas Lease Amendment [
Word 6.0 | PDF ]
Contact: James Holtzclaw at ude.metsystu@walcztlohj