LND 103 - Oil and Gas Leases

 
Description
This course is a study of the principles of basic oil and gas clauses typically contained in an oil and gas lease. Discussion topics and instruction will include the elements of a lease; rights, duties and obligations of the parties to a lease; calculating production payments; apportioning interests after assignment; effects of forming a pool or unit; and terminating a lease.

1. Explain the basic clauses in an oil and gas lease.
2. Define the terms and conditions of a primary term.
3. Define the terms and conditions of the secondary term. Apply pooling and unitization clauses to a lease.
4. Explain lease termination requirements.
5. Apply data analysis skills to the calculation of production payments.

1. Oil and gas leases
2. Primary term duties and obligations
3. Secondary term duties and obligations
4. Royalties and deductions
5. Storage rights
6. Lease burdens
7. Apportionment of royalties
8. Assignments, working interests, gross and net acreage
9. Pooling and unitization
10. Lease termination, plug and abandon and release
11. Errors and remedies
12. Free gas rule of capture
13. Drilling permits

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