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Making a Gas Lease
When you own land that might be oil-rich, you can use a Gas Lease to grant someone else the right to explore and extract oil and gas, and other minerals, from the property. Payment is generally made in royalty payments once the minerals are discovered. You can also use this document if you're interested in exploring gas production on someone else's land. Signing a Gas Lease puts all the terms in writing.
Use the Gas Lease document if:
A Gas Lease can define the terms of oil exploration on private land. If valuable oil and minerals are discovered, you'll be glad you had the terms in writing from the beginning. Having a Gas Lease in place clarifies the terms of the gas exploration, as well as any potential royalties the property owner could receive if anything valuable is discovered. Royalty payments are a percentage of the total proceeds made from the sale of any oil, gas or other minerals produced from the property. Checking the Gas Lease off your to-do list can help ease the transition from oil hunch to oil discovery.
Other names for this document: Fuel Lease, Gas Lease Agreement