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Fundamentals of Oil and Gas Leases and Agreements

Gain an understanding of the basic provisions of current lease forms used in the oil and gas industry.

This is a foundation level course examining the meaning and intent of basic lease terms and concepts. This training will examine provisions traditionally found in an oil and gas lease and discuss how those provisions are evolving to meet the challenges of recent shale development. It will also help you correlate noteworthy events on a leased tract with applicable terms and provisions in the controlling lease and to reinforce essential lease-related skills. The oil and gas lease is the most important contract in the energy industry. This program begins by exploring the nature of mineral ownership and the creation of oil and gas leasehold interests. The webinar then presents an analysis of the basic clauses of the oil and gas lease and discussing the interaction of those clauses. The program concludes with a discussion of current developments in oil and gas leasing. You will gain a fundamental understanding of the nature, structure, and issues related to the modern oil and gas lease.

Runtime: 87 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Ownership of Oil and Gas

  • Nature of Fee Mineral Title
  • Mineral vs. Royalty vs. Lease
  • Split Estates
  • Executive and Nonexecutive Rights

Nature of Oil and Gas Leasehold Interest

  • Real Estate, Personalty or Hybrid
  • Creation of Oil and Gas Leasehold Interest
  • Transfers and Other Interests

Basic Lease Provisions

  • Granting Clause
  • Habendum Clause
  • Drilling Clause
  • Royalty Clause
  • Shut-In Royalty Clause
  • "Saving" Clauses
  • Pooling Clause
  • Special Clauses Increasing Lessee Rights
  • Special Clauses Relating to Title
  • Miscellaneous Special Clauses

Implied Covenants

  • Implied Covenant of Development
  • Implied Covenant to Protect Against Drainage
  • Implied Covenant to Market
  • Implied Covenant of Further Exploration

Current Developments

  • Surface Use and Development
  • Hydraulic Fracturing
  • Operational Restrictions
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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on July 28, 2015.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • AK CLE 1.5
     
  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NM CLE 1.5
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • OR CLE 1.5
     
  • UT CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • AK CLE 1.5
     
  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NM CLE 1.5
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • OR CLE 1.5
     
  • UT CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Christopher S. Heroux

Christopher S. Heroux

Lewis Brisbois Bisgaard & Smith Llp

  • Partner in the Denver and Houston offices of Lewis Brisbois Bisgaard & Smith LLP and vice-chair of the firmís National Corporate Practice Group
  • Has a wide-ranging transactional law practice focused in the areas of oil and gas, energy and mining law, representing local, national and international companies in connection with mergers and acquisitions, joint ventures, participation and development projects
  • Represents clients in merger, acquisition and sale agreements, participation, development and leasing transactions, title examination, drilling and operating agreements, gathering, transportation and pipeline easement agreements, appropriation, acquisition and transfer of water rights, as well agreements for fluid management and disposal services, and product purchase, sale and processing agreements
  • Handled numerous mergers and acquisitions transactions in many of the major U.S. oil and gas basis, involving more than 1 million acres of oil and gas leasehold and more than three billion dollars of transaction value
  • Began his career in litigation, and has extensive experience in financial and oil and gas disputes
  • Lead counsel in the trial of jury and non-jury cases and was a member of the legal team representing Oklahomaís largest independent oil and gas producers in litigation resulting in the current judicial construction of the cessation of production clause in Oklahoma oil and gas leases, Voiles v. Santa Fe Minerals, Inc., 1996 OK 13, 911 P.2d 1205
  • Adjunct professor at The University of Tulsa, Collins College of Business, School of Energy Economics, Policy and Commerce, teaching courses in the Masters of Energy Business Program
  • Licensed to practice in Oklahoma and Texas
  • J.D. degree, with honors, The University of Tulsa College of Law; B.A. degree, Loyola University of Chicago
Silke M. Popp

Silke M. Popp

Ritsema & Lyon, P.C.

  • Associate with the Denver, Colorado office of Kutak Rock LLP
  • Practices general corporate, business, and oil and gas law
  • Advises clients on transactions with respect to acquisition, disposition, mergers and leasing
  • Assists clients with respect to business formation, the purchase and sale of real property, agreements, and negotiations in a variety of industries ranging from retail to oil and gas
  • Licensed to practice in Colorado and Montana
  • J.D. degree, The University of Denver Sturm College of Law; M.A. degree in International Conflict, Security and Development from Kingís College London, University of London; B.A. degree, University of Maryland College Park
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Pay once and get a full year of unlimited training in any format, any time!

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Product ID: 396272
Published 2015, 2018
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