12 06a COMPANY OIL AND GAS LEASE (PAID UP)

• Jurisdiction: Arkansas
• Library: Arkansas Form Book - Complete (2023 Ed.)

12-06A COMPANY OIL AND GAS LEASE (PAID UP)

COMPANY OIL AND GAS LEASE (PAID UP)

THIS AGREEMENT is made this [day] day of [month, year], between [lessor name], whose mailing address is [lessor address] (the "Lessor"), and [lessee name], whose mailing address is [lessee address] (the "Lessee").

WITNESSETH: The Lessor, for and in consideration of [token consideration] DOLLARS cash in hand paid, the receipt of which is hereby acknowledged, and of the covenants and agreements hereinafter contained on the part of Lessee to be paid, kept, and performed, has GRANTED, DEVISED, LEASED and LET, and by these presents does GRANT, DEVISE, LEASE and LET unto the Lessee, for the sole and only purpose of exploring by geophysical and other methods, mining and operating for oil (including but not limited to distillate and condensate), gas (including casinghead gas and helium and all other constituents), and for laying pipelines and building tanks, towers, stations, and structures thereon, to produce, save, and take care of such products, all that certain tract of land, together with any reversionary rights therein, situated in the state of Arkansas, and described as follows:

[county] [section] [Township] [Range]

[LEGAL DESCRIPTION]

and containing [number of gross acres covered] acres, more or less. In addition to the land above described, Lessor hereby grants, leases, and lets exclusively unto Lessee, to the same extent as if specifically described herein, all lands owned or claimed by Lessor which are adjacent, contiguous to, or form a part of the lands above particularly described, including all oil, gas, and their constituents underlying lakes, rivers, streams, roads, easements and rights-of-way which traverse or adjoin any of such lands.

1. It is agreed that this lease shall remain in force for a term of [primary term] years from date (herein called primary term) and as long thereafter as oil or gas, or either of them, is produced from the land by the Lessee, and as long thereafter as operations, as hereinafter defined, are conducted upon the land with no cessation for more than 90 consecutive days. Whenever used in this lease the word "operations" shall mean operations for any of the following: drilling, testing, completing, reworking, recompleting, deepening, plugging back or repairing of a well in search of or in an endeavor to obtain production of oil, gas, or other minerals, or production of oil, gas, or other minerals, whether or not in paying quantities. If while...