Giving authority to anybody the right to explore and extract oil and gas in your land is serious business. Leasing can be tricky, there is every chance that the oil and gas company might be robbing you blind. So here are a few reminders that you might need to keep in mind before signing any oil and gas lease form. 1. Seek for legal assistance to protect your interests. When talking about agreeing on an oil and gas lease, lawyers know how to look for loopholes and negotiate for better deals for you. Never think that they cost too much, they are worth the investment and they will save you thousands in the long run. 2. Focus on the lease form. Never take the oil and gas lease form for granted. It is a contract and thus it is binding. So you might want to study it more closely. a. The most important thing is identify the actual lessee. There are leases which are named under that of the landman or agent of the actual gas and oil company. Make sure that you are sure of the identity of the company acquiring the lease and that it be specified in the lease. b. Before actual negotiations on the form of lease, make sure that specific terms of agreement on the oil and gas lease have been agreed upon. Such terms are the royalty fraction, shut in royalty, and the primary term. c. Specify the lease. Usually, lease forms cover general terms such as "oils and gas”. Specify the oil and gas lease to petroleum and natural gas and related hydrocarbons. Go to the nitty-gritty. Define the operations to be done in your property, the time, place and frequency of payment of royalties and the likes. d. Access Information. Make it a point that you include a clause in your oil and gas lease that you will be kept abreast of pertinent transactions. Ask for copies of title opinions, drilling permits, drilling and completion reports, etc. 3. Don’t let charms cloud over your judgment. Agents are usually very charismatic to get you to sign the oil and gas lease. Keep an objective mind and resist the urge to give in. 4. Sleep on it. The oil and gas lease may be too good to pass up, but restrain yourself. Do not commit and sign immediately. Think about it and really ponder on the oil and gas lease whether or not it is fair for you. So when an offer for a gas and oil lease is placed in the table, remember the reminders. Like they say, it is always better to be safe than sorry.
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