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Revisions to the State Oil and Gas Lease form continue. As per the State Mineral and Energy Board’s schedule, a final vote will be taken in December. Prior to that time, the Board will review the fourth, and final, article reports and public comments at their August 9th meeting, which will cover the following lease articles: Royalty, Deep Rights, and Lease Maintenance. If you wish to participate in the process, send all comments and questions to Suzanne Hyatt at Suzanne.hyatt@la.gov.

The Board’s May 10th meeting covered the following lease articles: LEASE ACCESS, EXECUTORY CONTRACTS, COUNTERPARTS, TITLE DISPUTES, SEVERABILITY, and LAW AND FORUM & VENUE. Click each article to compare the August 2016 revisions to the latest revisions.

The Board’s June 14th meeting covered the following lease articles: BONUS , PRIMARY TERM , FORCE MAJEURE & SUSPENDING EVENTS, LESSEE REPORTING,  LESSOR’S RIGHTS, FINANCIAL SECURITY, NOTICES , INDEMNITY & HOLD HARMLESS, NO WARRANTY OF TITLE, CONFLICT, SIGNATURE PAGES, and RECITALS. Click each article to compare the August 2016 revisions to the latest revisions.

The timeline for adoption of the new lease form can be found HERE  while the article groups can be found HERE.

Our prior article discussing changes to the State Lease form can be found HERE.

 

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