Keeping the Lease Alive: Modifications to the Oil and Gas Lease and Assignments
This class is perfect for anyone who needs to better understand those most critical of oil and contracts, i.e. the Oil and Gas Lease and the Assignment, but should be especially valuable to landmen, land techs, lease title analysts, division order analysts, attorneys, paralegals, legal assistants, members of management, lenders and investors.
Students will learn why modifications to oil and gas leases are growing more common and why the growing use of Horizontal Drilling has created new challenges along with new modifications.
Students will examine why and how even if a lease is held by production, there may be express lease provisions, or statutory requirements which can cause the lease to be lost or other remedies applied.
Students will examine express covenants to develop the leasehold after production has been obtained and the implied covenant to develop as it applies to undeveloped deeper formations.
Students will also examine other unconventional lease clauses including anti top lease language (right of first refusal), notice of default and grace periods, retained acreage clauses, anti-dilution clauses, judicial-ascertainment clauses, Pugh clauses and cross conveyance of interests along with due diligence issues raised when acquiring acreage by earning in a Farmout or by purchasing via assignments including limitations on use and surface restrictions, well commitments, continuous drilling clauses, royalty provisions, consents to assign, express damages provisions, free use of gas, options to extend, pooling and unitization clauses and anti-assignment clauses. Students will negotiate some of the clauses in a role playing exercise.
Dr. Patrick Fitzgerald, Ph.D., Ed.D., J.D.
Dr. Patrick Fitzgerald is Senior Partner in the law firm Fitzgerald & Associates with offices in Dallas and Oklahoma City where his practice includes various areas of law related to the oil and gas industry. He is "of counsel" with a Denver law firm specializing in Oil and Gas Law. Concurrently, he is a Distinguished Visiting Industry Expert in Energy Management and Petroleum Land Practices in the Daniels College of Business at the University of Denver. He is also a Visiting Scholar in Finance in the Price College of Business at the University of Oklahoma and a Lecturer in Energy Finance with the University of Colorado Denver. At Texas Christian University, he is a Distinguished Scholar and Expert with the Energy Institute. He teaches various land management courses for the University of Texas at Austin and is an Affiliated Scholar in the Center for Global Energy, International Arbitration and Environmental Law at The University of Texas School of Law. He also teaches for the McGuire Energy Institute in the Cox School of Business of Southern Methodist University and for the American Association of Petroleum Landmen. Dr. Fitzgerald is the author of several soon to be published "must have" texts soon to be published by the American Association of Petroleum Landmen (AAPL) where Fitzgerald is a regular contributor to Landman.
|G059132Q||Dec 2||8:30 am - 4:30 pm|
|Midland College PPDC Building|
|Registered: 6||7.0 Hours|