4.007 Uncancelled Lease With Assignment
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Uncancelled Lease With Assignment
Uncancelled Oil, Gas, and Mineral Lease: The abstract reveals that an oil, gas, and mineral lease covering Tract 1 dated September 14, 1968, and recorded in Real Property Book 1968, page 151, granted by Sam Houston to Goliad Exploration, Inc., is uncancelled of record. By instrument dated October 1, 1968, and recorded in Real Property Book 1968, page 251, Goliad Esploration, Inc., assigned the lease to Uvalde Marketing, Inc. The abstract indicates that the above-described lease is uncancelled of record.
Requirement: If possible, obtain a cancellation of the above described oil, gas, and mineral leases or obtain an instrument releasing Tract 1 from the lease. Alternatively: (i) furnish affidavits establishing the non-occurrence of any oil, gas, or mineral development, which could extend the lease beyond its primary term; and (ii) furnish proof from the records of the State Oil & Gas Board of Alabama that no oil, gas, or mineral development or production has occurred, which could extend the lease beyond its primary term.
Copyright 2011 by Edward G, Hawkins. All rights reserved.