100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
TEXAS OIL AND GAS LAW EXAM 2025 STUDYGUIDE QUESTIONS AND 100% CORRECT ANSWERS | A+ GRADE GUARANTEED PASS $20.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. TEXAS OIL AND GAS
  4.  
  5. TEXAS OIL AND GAS

Exam (elaborations)

TEXAS OIL AND GAS LAW EXAM 2025 STUDYGUIDE QUESTIONS AND 100% CORRECT ANSWERS | A+ GRADE GUARANTEED PASS
 0 purchase
  • Course
  • TEXAS OIL AND GAS
  • Institution
  • TEXAS OIL AND GAS

TEXAS OIL AND GAS LAW EXAM 2025 STUDYGUIDE QUESTIONS AND 100% CORRECT ANSWERS | A+ GRADE GUARANTEED PASS

Preview 3 out of 21  pages

Document information

  • November 22, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • TEXAS OIL AND GAS
  • TEXAS OIL AND GAS

Seller

avatar-seller
TUTORWAC

Reviews received

Content preview

TEXAS OIL AND GAS LAW EXAM 2025
STUDYGUIDE QUESTIONS AND 100%
CORRECT ANSWERS | A+ GRADE
GUARANTEED PASS

Warranty Clause (3 types) Correct Answer 1. General
Warranty Deed (GWD) - Warrants against defects in title.
2. Special Warranty Deed (SWD) - You warrant that you
haven't individually done anything to harm title "by,
through, or under" covers only THAT conveyance.
3. No warranty/Quitclaim deed - take at your own risk

Proportionate Reduction Clause Correct Answer If you
own less than 100% you will receive proportionately less.
This is not implied and MUST be in the lease.

Subrogation Clause Correct Answer 1. Lessee has right to
pay or reduce the mortgage or lien and step in the shoes
of the lein holder and to deduct royalties to pay off money I
paid
2. Bank takes lien on land and minerals oil and gas co can
lose lease
i. Oil and gas co will try and get a subordination
agreement from bank
ii. If mortgagee stops paying then oil and gas co has to
pay royalties to bank
3. Foreclosure can extinguish lease

,Habendum Clause Correct Answer starts the term - first
clash between l'or and l'ee. "as long there after" "so long
as" determinable language. Once lease terminates,
minerals revert to MEO. Secondary term.

Primary Term Correct Answer This is the number of years
leased. Can drill at any point during this.

Secondary Term Correct Answer "So long thereafter"
Immediately starts when production begins.
FSD based on production in paying quantities or savings
clause.

Delay Rentals ("Unless" Clause) Correct Answer Payment
in lieu of production, delays Oil & Gas Co's obligation to
drill. Lease terminates "unless" payment is made.

"Or" Clause Correct Answer Pay delay rentals, or drill, or
let lease expire.

Savings Clause Correct Answer Secondary term, saving
event that saves lease from termination when not
producing.
1. Shut in clause
2. Operations clause
i. Dry Hole
ii. TCOP
iii. Engaged in operations
3. Force Majeure

, Rental Division Orders Correct Answer Order showing
how the payment from the well will be divided. Drafted in
accordance with the title opinion.
It is:
1. Binding K
2. Can modify the term of lease
3. Is revocable by owner - but binding until that event.
Exceptions:
Unjust Enrichment: If error causes oil co to be unjustly
enriched then they have to pay it back

Lease Surrender Clause Correct Answer Without this
provision, company can't release and pay you on the
remainder

Paid up lease clause [Paid in full] Correct Answer Need to
have expressed provision, all rentals have been paid up -
no obligations to pay or drill, without this lease still subject
to implied covenant to test.
Most common type of leases (now).

Secondary term (Production "in paying quantities" PPQ)
[two step test] Correct Answer 1. Does profit cover
operating costs (how much cash did you make, vs. spend?
- fact question) If yes, done, lessee wins, considered
producing.
2. If no, RPO Test (Reasonable Prudent Operator Test) -
would an RPO continue to operate this well for purposes
other than mere speculation? If yes, then PPQ. (In Texas,
production is not enough, must have PPQ)

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TUTORWAC. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $20.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

63950 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

Chapter 10: Drug Therapy for Mental Health Vislosky: Introduction to Clinical Pharmacology, 9th Edition

Exam (elaborations) ·

(0)

{NGN}HESI OB Maternity 2023 Version 1 (V1) Exit Exam (All 55 Qs) TB w/Pics Included!! A+ GUARANTEED PASS

Exam (elaborations) ·

(0)

Quiz Submissions - Week 4 Quiz: Water & Electrolytes/NUTRI 100 - Week 4 Quiz. Questions and Answers

Exam (elaborations) ·

(0)

CIPS L4M2 Defining Business Need: Questions and answers/| LATEST UPDATE | EXAM PREDICTION QUESTIONS |

Exam (elaborations) ·

(0)

UPDATED TNCC Test prep 8th Edition Questions & Answers | with 100% Correct Answers | Updated & Verified

Exam (elaborations) ·

(0)

Test Bank - Principles of Anatomy and Physiology, 12th Edition, by Bryan Derrickson, Gerald Tortora

Exam (elaborations) ·

(0)

CHEM 120 Physical and Chemical Properties of Matter STOICHIOMETRY CHEAT SHEET University of Waterloo

Summary ·

(0)

Samenvatting - Ondernemingsfiscaliteit deel 2 vennootschapsbelasting Pieter Meersman 2GBM (B5G973)

Package deal ·

(0)

AHIP 2024 Final Exam's (5 Sets of Exams) with Updated Latest Questions and Answers (Verified by Expert)
$20.99
  • (0)
Add to cart
Added