On December 16, 2014 that President Barack Obama made a move to protect a key area of Alaska’s natural resources called Bristol Bay from oil and gas exploration according to The Hill. The Bristol Bay is the focus of a bitter dispute between local tribes and fisheries, which heavily rely on the bay. The $2 Billion fishing industry will be protected by the President’s action, as will the natural landscape for which the state of Alaska is so well known.
What is an Oil and Gas Lease?
An Oil and/or Gas Lease is an agreement between the landowner with a company interested in the minerals on his or her land. The document allows the oil and gas company and their crew to have access to the minerals and resources within the property owned by the landowner.
Receiving an Oil and Gas Lease Proposals
Always on the lookout for new prospects, Oil and Gas Companies seek out property, even that already owned by others, on which they can drill for new resources. When they locate potentially lucrative properties, they send the owner a proposition. This proposition includes the lease itself, including what the company is asking for, the stipulations of the agreement, and how much compensation they are offering.
What is Included in an Oil and Gas Lease?
There are several sections of an oil and gas lease, and the entire document can be quite complicated. Some of the sections of the lease include:
- Date clause
- Party clause
- Consideration clause
- Granting clause
- Lessee rights and duration of them
- Royalties clause
- And much more
What to Do
If you receive an oil and gas lease document, it’s important that you speak with a qualified and experienced Oil and Gas Lease Attorney to help weed through the thick paperwork. It’s important that you understand your rights, and have the opportunity to protect your assets and negotiate the agreement in a manner that is most beneficial to you.
Oklahoma Oil and Gas Law Firm
At Robert Robles Law Firm we ensure excellent legal representation no matter your circumstances. We offer completely confidential initial consultations at no cost. Call now at 405-232-7980 or contact us online.