Brush up on your knowledge of must-have terms and provisions in oil and gas leases.
The Eagleford shale play in South Texas and other shale plays around the country have greatly increased the number of oil and gas leases being prepared and reviewed by attorneys. There are many attorneys who have not prepared or reviewed an oil and gas lease in many years, if at all. This live webinar will break down and discuss the various provisions contained in a standard oil and gas lease. The lessor wishes to maximize the bonus, the royalty and its bargaining position with regard to the minerals to be leased and the surface to be encumbered (where the lessor is also the surface owner). The lessee prefers to pay no more than the negotiations require, nor to include any more onerous terms in the oil and gas lease than it must. It is also essential for the parties to the lease to know when the real property rights in the substances covered by the lease become vested in the lessee and when the leasehold interest held by the lessee terminates so that the underlying mineral estate is no longer encumbered by the lease. Our journey begins with the creation of the oil and gas lease, a discussion of the component parts of the lease and the reasoning behind them, remembering that the parties to an oil and gas lease must always pay particular attention to the terms and provisions of the lease as written.
Who should attend?
This live webinar is primarily designed for attorneys. Other legal professionals may also benefit from attending.